{"id":75903,"date":"2023-03-21T12:27:21","date_gmt":"2023-03-21T10:27:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75903"},"modified":"2025-09-10T14:18:19","modified_gmt":"2025-09-10T11:18:19","slug":"glassnode-banking-crisis-pushed-bitcoin-out-of-bear-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-banking-crisis-pushed-bitcoin-out-of-bear-market\/","title":{"rendered":"Glassnode: Banking crisis pushed Bitcoin out of bear market"},"content":{"rendered":"<p>Bitcoin posted an impressive weekly gain of 35.8% thanks to emergency measures by leading central banks after a loss of confidence in banks. A structure reminiscent of early bull markets in digital gold has formed, Glassnode emphasised.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial system.<\/p>\n<p>This week, we explore how <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> appears to be shifting up a gear, and rallying out of deep bear market territory.<a href=\"https:\/\/t.co\/Xs5mtaAhqB\">https:\/\/t.co\/Xs5mtaAhqB<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1637806696981741568?ref_src=twsrc%5Etfw\">March 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Since 2015 there have been only 16 days on which Bitcoin&#8217;s weekly growth rate exceeded the result achieved in the previous week, according to researchers.<\/p>\n<p>Against the backdrop of stress in the traditional financial system and the liquidity injections that followed from central banks, on-chain indicators moved out of deep bear market territory.<\/p>\n<p>The daily transaction count (monthly average) rose to 309,500 \u2014 the highest since April 2021, well above the annual average.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/02_tx_mom.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Using clustering algorithms, analysts assessed the daily created unique addresses. Last week the figure reached 122 000. In their estimates, only in 10.2% of days since the formation of <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-genesis-block-mined-fourteen-years-ago\">genesis block<\/a> was it higher \u2014 predominantly at the peaks of 2017 and during the 2020-2021 bull market.  <\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/03_ent_mom.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Rising network load led to higher on-chain fees, linked to renewed waves of Bitcoin adoption as demand for block space grew.<\/p>\n<p>Daily miner revenue rose to $22.6 million \u2014 the highest since June 2022, beating the annual average. Such activity patterns in the past have typically accompanied a transition to a more constructive market, the experts noted.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/05_miner_rev.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The indicator <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-mvrv-indicator\"> MVRV<\/a> reached 1.36. It moved toward the network-wide historical average value (1.82), rebounding from the oversold zone one standard deviation (\u03b4) below.<\/p>\n<p>Historically within bands of +\/- \u03b4 from the mean, Bitcoin traded 54% of all trading days, according to analysts. The current price above $27 000 corresponds to -0.5\u03b4. In other words, the market price no longer reflects a pronounced discount relative to the historical mean, they noted.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/06_mvrv_bands.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\" width=\"840\" height=\"483\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p><a href=\"https:\/\/studio.glassnode.com\/dashboards\/eth-mastering-mvrv\" title=\"\">MVRV Momentum<\/a> has moved into positive territory, indicating that a substantial portion of coins has been purchased below the current price. As with the metrics above, such shifts in the past have generally correlated with higher on-chain activity.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/08_mvrv_mom.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The indicator <a href=\"https:\/\/u1f987.com\/en\/news\/sopr-finding-bitcoins-highs-and-lows\"> SOPR<\/a> is also forming a structure reminiscent of the 2018-2019 recovery period.<\/p>\n<p>Last week, all variants of the metric tested the boundary at 1 from above to below. This points to broad realised losses during the sell-off as the price fell to $19,800, analysts explained. After that, aSOPR reached its highest level since November 2021.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/03\/10_sopr.png\" alt=\"Glassnode: Banking crisis pushed Bitcoin out of bear market\"\/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>It seems that few hodlers who endured the heightened volatility are inclined to realise profits on this rally. This reflects beliefs about Bitcoin&#8217;s important role in the future global financial system,<\/em> the analysts concluded.<\/p>\n<\/blockquote>\n<p>Earlier, in March, CryptoQuant founder Ki Young Ju and analyst rektcapital <a href=\"https:\/\/u1f987.com\/en\/news\/experts-note-bitcoins-transition-into-a-bull-market\"> noted<\/a> that digital gold had moved into a bull phase.<\/p>\n<p>Earlier, Messari founder and CEO Ryan Selkis predicted Bitcoin would rise to <a href=\"https:\/\/u1f987.com\/en\/news\/messari-ceo-forecasts-bitcoin-to-reach-100-000\">$100,000<\/a> within 12 months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin posted an impressive weekly gain of 35.8% thanks to emergency measures by leading central banks after a loss of confidence in banks. For digital gold, a structure reminiscent of early bull markets has formed, Glassnode emphasised.<\/p>\n","protected":false},"author":1,"featured_media":75904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1145],"class_list":["post-75903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=75903"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75903\/revisions"}],"predecessor-version":[{"id":75905,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75903\/revisions\/75905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/75904"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=75903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=75903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=75903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}