BitcoinSistemi.com has officially launched a series of free on-chain analysis tools to help investors grasp market dynamics more accurately. You can access key indicators without paying a fee, so it's recommended to bookmark it for future use.
According to the latest on-chain data, the Bitcoin price is currently stable at around $66,782, with a total market capitalization of approximately $1.34 trillion. In the past 24 hours, the price has slightly decreased by 1.11%, and the overall market sentiment is cautious.
The derivatives market shows that recent liquidations have mainly focused on long positions. Data shows that approximately $24.15 million in long positions were liquidated, while short liquidations amounted to $9.47 million, meaning that approximately 71.8% of the liquidations came from longs. This phenomenon usually occurs when prices face short-term downward pressure, indicating that leveraged longs are being systematically cleared, and short-term market momentum is weak.
The market sentiment indicator, the “Fear and Greed Index,” is currently at 12, in the “Extreme Fear” range, reflecting that investors generally hold a wait-and-see attitude, and risk appetite has decreased significantly.
In terms of on-chain profitability indicators, the Net Unrealized Profit/Loss (NUPL) ratio is 0.19. This value is above zero, indicating that most coin holders are still in a profitable state. However, it is worth noting that this value is far below the historical high range of 0.7, indicating that the market has not yet entered a stage of “excessive profitability” or irrational optimism, and large-scale selling pressure has not yet appeared.
Similarly, the MVRV (Market Value to Realized Value Ratio) is 1.23, meaning that the current Bitcoin price is approximately 23% higher than the average cost of all investors. Although this value is trending upward, it is far below the overheating threshold of 3.7, which is in line with the healthy valuation range of the mid-term market cycle, and there are no obvious bubble signals.
The funding rate in the derivatives market is slightly positive, reaching 0.0005, indicating that longs have a slight advantage, and the market has a slightly optimistic expectation for future prices. However, the fee rate level is extremely low, indicating that the market has not experienced excessive leveraged bets, and the overall structure remains balanced, lacking the driving force for a unilateral surge.
Overall, the current Bitcoin market is in a transitional stage of “profitable but not fanatical, falling but not collapsing.” On-chain data does not release strong bullish or bearish signals, but rather tends to remind investors to remain rational and avoid emotional operations.