OBTC - VanEck Monthly Bitcoin ChainCheck
2024-02-14 20:27:00 ET
Summary
- US traders stayed more bullish than EU and Asia participants, as the price of BTC rose during US trading hours but was negative in EU and Asia trading.
- 85% of Bitcoin addresses are currently in profit, although there has been a slight 5% decrease in the last month.
- Total daily BTC miner revenues fell by 19%, with heavy competition for hash rate ahead of the Bitcoin halving.
Bitcoin’s Price Action
- Market sentiment: Bitcoin dominance stayed flattish at 51% as BTC’s 30-day average price fell 3% in January.
- Regional trading: US traders stayed more bullish than EU and Asia participants, as the price of BTC rose during US trading hours but was negative in EU and Asia trading. This dynamic represents a continuation of a long-standing trend in which Bitcoin is generally mined and sold in Asia and purchased during US hours.