‘Risky’ Bitcoin may have a ‘wait and watch’ game going on for itself

ambcrypto.com:

With the wider crypto-market bleeding, there are many who wish to know how long the drawdown will go on for. It is in this context that during a recent edition of his podcast, Anthony Pompliano discussed Bitcoin’s on-chain analytics and what they mean.

Having fallen by over 6.56% in a short span of time, Bitcoin, at press time, was trading at $25,670 after the U.S inflation report was released. In fact, its market cap fell to $488.4 billion over the last 24 hours too. Furthermore, there has been an uptick in volume by 16.3%, one caused by the sell-off across the market.

Pompliano used the Blockware Newsletter data to reflect on the state of the Bitcoin network. He shed light on crisis-hit short-term holders. The percent of supply in profit held by STHs, in fact, is retesting historical lows at the moment.

Source: Glassnode

This, in turn, has translated to one of the lowest readings in the STH profit/loss ratio ever, with the same now below neutral. The ratio is at its lowest value since early 2020.

Source: Glassnode

Another bottom signal pointed out was the MVRV where the market price is pushing below the aggregated realized price.

“A cross below realized price would mean the market is underwater in aggregate by definition and would put the oscillator below in the green buy zone.”

Source: Glassnode

But, that is not all! Janet Yellen called out Bitcoin as a “risky” investment asset for retirement plans too.

U.S Treasury Secretary Janet Yellen issued a warning to employees choosing Bitcoin as an investment option for their retirement plans. During her interview with the New York Times, she slammed Fidelity’s plan to offer Bitcoin as “risky.”

“It’s not something that I would recommend to most people who are saving for their