Bitcoin Market Not Ready For Expansion Yet — Blockchain Firm

According to a recent on-chain data evaluation, the Bitcoin price might not be seeing a start to renewed price expansion in the near-term. Interestingly, this hypothesis seems to align with the multiple recovery attempts by the flagship cryptocurrency over the past few weeks. BTC Net Realized Profit Peak At $17M/hr Before Swift Price Downturn In a March 20 post on the social media platform X, on-chain research firm Glassnode revealed what was behind Bitcoin’s recent reversal from what initially looked like an expansion move. This is based on the Net Realized Profit/Loss (NRPL) (24h Moving Average) metric, which reflects whether the market is predominantly realizing profits or losses, by tracking (and comparing) the amount of either that has been realized by holders over 24 hours. Related Reading: Bitcoin Shark & Whale Wallets Jump Despite Bearish Price Action Glassnode highlighted that readings on the NRPL metric recently reached a high of approximately $17 million/hr before the pr