On-chain data indicates that Bitcoin’s bear market has not yet ended. The record outflow of $225.1 million from Bitcoin ETFs on July 23 broke the longest consecutive inflow streak in nine months. Bitcoin’s MVRV ratio remains above 1.0, a level not yet reached in the current cycle that typically marks bear market bottoms. The supply in profit stands at 57.5%, well below the historical threshold of 64%, and the long-term holder SOPR is at 0.86, below the 1.0 level needed to reliably confirm a bull trend reversal. Analysts believe another wave of selling and deeper capitulation remain possibilities that investors must be prepared for.
Source: Read the original article
