Bitcoin price flexes its muscles as on-chain data, trading volumes and favorable macroeconomic data lure traders back into the crypto market.
Trading volume increases coincide with profits returning
Reversing a trend that started in May 2022, the on-chain realized profit and loss ratio for BTC is up over the 1.0 level, hitting 1.56 profits over losses on Jan. 16, 2023. Bitcoin’s 30-day correlation to the Nasdaq reached 0.29 on Jan. 17, 2023 the highest BTC divergence from equities since December 2021.
Now that institutional investors and growth companies are holding less Bitcoin, correlation to markets may lessen in the future.
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