{"id":518101,"date":"2023-01-31T13:39:09","date_gmt":"2023-01-31T13:39:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=518101"},"modified":"2024-06-11T10:08:25","modified_gmt":"2024-06-11T10:08:25","slug":"santiment-explains-why-bitcoin-pullback-past-day","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/santiment-explains-why-bitcoin-pullback-past-day\/","title":{"rendered":"Santiment Explains Why Bitcoin Saw A Pullback During The Past Day"},"content":{"rendered":"

Bitcoin has seen a pullback since peaking around $23,900 yesterday. Here’s what Santiment says is the possible reason behind this decline.<\/p>\n

Bitcoin Observes Largest Profit To Loss Transaction Ratio In 2 Years<\/h2>\n

As per data from the on-chain analytics firm Santiment<\/a>, yesterday was the largest profit-taking day for BTC since February 2021. The relevant indicator here is the “ratio of on-chain transaction volume in profit to loss,” which, as its name already implies, measures the ratio between the daily volume being involved in profit-taking<\/a> transactions and that involved in loss-taking<\/a> ones.<\/p>\n

The indicator works by looking through the on-chain history of each coin in the circulating supply to see what price it was last moved at. If this previous price for any coin was less than the current value of Bitcoin, then that coin is said to be holding a profit. Now, if the coin is sold while in this state, its sale transaction would contribute towards the profit volume.<\/p>\n

On the other hand, the metric would count the volume under the loss-taking type if the coin is sold while the BTC price is less than its last transfer value.<\/p>\n

When the ratio between these two volumes is greater than 1, it means there are more profit-taking transactions taking place on the network right now. On the other hand, values lower than the threshold imply that loss-taking is dominant currently.<\/p>\n

Related Reading: This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests<\/a><\/div>\n

Now, here is a chart that shows the trend in this Bitcoin ratio over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As shown in the above graph, the ratio between profit and loss transactions for Bitcoin was at a very high level during the past day. In this spike, there were more than 2.4 times as many profit-realizing transfers happening on the blockchain as compared to the loss-taking ones. This level of profit-taking is the highest observed since February 2021, around two years ago.<\/p>\n
Related Reading: Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump<\/a><\/div>\n
Interestingly, the latest surge in the metric coincided with BTC hitting a high of $23,900 yesterday. Since then, however, BTC has sharply declined and is now below the $23,000 level. This would suggest that it might have been these profit-taking transactions that have led to the latest pullback<\/a> in the price of the cryptocurrency.<\/p>\n
Today, after the BTC value has declined, the indicator’s value has also dropped off and is now below 1, implying that profit-taking has stopped and loss-realizing transfers are taking over now. This could be bullish for the coin, however, as Santiment explains, “If loss transactions pile up now, prices are more likely to bounce right back.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,800, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has taken a hit during the past day or so | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen a pullback since peaking around $23,900 yesterday. Here’s what Santiment says is the possible reason behind this decline. Bitcoin Observes Largest Profit To Loss Transaction Ratio In 2 Years As per data from the on-chain analytics firm Santiment, yesterday was the largest profit-taking day for BTC since February 2021. The relevant indicator here is the “ratio of on-chain transaction volume in profit to loss,” which, as its name already implies, measures the ratio between the daily volume being involved in profit-taking transactions and that involved in loss-taking ones. The indicator works by looking through the on-chain history of each coin in the circulating supply to see what price it was last moved at. If this previous price for any coin was less than the current value of Bitcoin, then that coin is said to be holding a profit. Now, if the coin is sold while in this state, its sale transaction would contribute towards the profit volume. On the other hand, the metric would count the volume under the loss-taking type if the coin is sold while the BTC price is less than its last transfer value. When the ratio between these two volumes is greater than 1, it means there are more profit-taking transactions taking place on the network right now. On the other hand, values lower than the threshold imply that loss-taking is dominant currently. Related Reading: This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests Now, here is a chart that shows the trend in this Bitcoin ratio over the last few months: The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter As shown in the above graph, the ratio between profit and loss transactions for Bitcoin was at a very high level during the past day. In this spike, there were more than 2.4 times as many profit-realizing transfers happening on the blockchain as compared to the loss-taking ones. This level of profit-taking is the highest observed since February 2021, around two years ago. Related Reading: Bitcoin Volatility Ahead? Open Interest Registers Sharp Jump Interestingly, the latest surge in the metric coincided with BTC hitting a high of $23,900 yesterday. Since then, however, BTC has sharply declined and is now below the $23,000 level. This would suggest that it might have been these profit-taking transactions that have led to the latest pullback in the price of the cryptocurrency. Today, after the BTC value has declined, the indicator’s value has also dropped off and is now below 1, implying that profit-taking has stopped and loss-realizing transfers are taking over now. This could be bullish for the coin, however, as Santiment explains, “If loss transactions pile up now, prices are more likely to bounce right back.” BTC Price At the time of writing, Bitcoin is trading around $22,800, down 1% in the last week. Looks like the value of the asset has taken a hit during the past day or so | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":518113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,4840,87744,1119,1144,57231],"class_list":["post-518101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-profits","tag-bitcoin-pullback","tag-btc","tag-btcusd","tag-santiment"],"acf":[],"yoast_head":"\nSantiment Explains Why Bitcoin Saw A Pullback During The Past Day<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a pullback since peaking around $23,900 yesterday. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Santiment Explains Why Bitcoin Saw A Pullback During The Past Day","url":"http:\/\/ktsl888.com\/news\/santiment-explains-why-bitcoin-pullback-past-day\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/santiment-explains-why-bitcoin-pullback-past-day\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin profits","bitcoin pullback","btc","btcusd","santiment"],"dateCreated":"2023-01-31T13:39:09Z","datePublished":"2023-01-31T13:39:09Z","dateModified":"2024-06-11T10:08:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Santiment Explains Why Bitcoin Saw A Pullback During The Past Day\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/santiment-explains-why-bitcoin-pullback-past-day\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/santiment-explains-why-bitcoin-pullback-past-day\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin profits\",\"bitcoin pullback\",\"btc\",\"btcusd\",\"santiment\"],\"dateCreated\":\"2023-01-31T13:39:09Z\",\"datePublished\":\"2023-01-31T13:39:09Z\",\"dateModified\":\"2024-06-11T10:08:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/01\/maxim-hopman-fiXLQXAhCfk-unsplash-1-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518101"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=518101"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/518113"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=518101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=518101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=518101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}