Here are five major topics of conversation for Bitcoin this week, with BTC price still down over 10%.
Macro asset comparison annotated chart. Source: Miles Johal/X
Kobeissi meanwhile added that the equity put/call ratio had reached its highest since the start of 2023, suggesting a volatile move would soon hit.On-chain losses mount as speculators feel the pressure It will come as little surprise that Bitcoin’s 11% drop engendered a considerable shake-up in on-chain profitability metrics.
Among these is the adjusted Spent Output Profit Ratio , which tracks aggregate profitability of all transactions, excluding those with an age of one hour or less. This “price sold versus price paid” ratio is now back below 1, the barrier between profit and loss, to hit its lowest levels in five months, pera three-year high in the seven-day average number of unspent transaction outputs in loss.At that time, BTC/USD was seeing another August retracement — one that was nonetheless short lived, with September seeing its final visit to $10,000 before launching to new all-time highs later in 2020.
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