Current on-chain data in the cryptocurrency market continues to generate important signals regarding investor behavior and market psychology. In particular, both derivative data and on-chain indicators present a noteworthy picture for Bitcoin.
According to data from the last 24 hours, while the Bitcoin price was trading around $72,280, a total of $327.18 million in liquidations occurred in the market. Of these liquidations, $237.64 million consisted of long positions, while short (bearish) positions accounted for $89.54 million. The data indicates that approximately 72.6% of the liquidations were long positions, suggesting a sharp cleanup in the market following overly optimistic short-term positioning.
On the other hand, the fear and greed index, which measures market sentiment, continues to remain in the “Extreme Fear” zone. The current score is at 14, while it was measured at 17 yesterday, 12 last week, and 13 last month.
Another important metric that stands out on the on-chain side is the “actual price.” For Bitcoin, this level is around $54,200, and the fact that the current price is well above this level indicates that the market as a whole is in profit. This suggests that this level could act as a strong support zone in uptrends. In past cycles, the price approaching this level has been seen as points where selling pressure weakened and buyers stepped in.
However, the MVRV ratio is also measured at 1.31. This value indicates that the market is neither excessively cheap nor excessively expensive, but rather “close to equilibrium but in a slightly profit-taking zone.” Historically, an MVRV below 1 is considered a bottoming-out signal, while levels above 3.7 are seen as a bubble and peak warning. The current outlook suggests that the market has not yet overheated, but investors are in profit.
*This is not investment advice.