{"id":517596,"date":"2023-01-26T08:18:19","date_gmt":"2023-01-26T13:18:19","guid":{"rendered":"https:\/\/wncen.com\/?p=517596"},"modified":"2024-06-11T11:30:56","modified_gmt":"2024-06-11T11:30:56","slug":"cryptoquant-bitcoin-pnl-bullish-crossover","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cryptoquant-bitcoin-pnl-bullish-crossover\/","title":{"rendered":"CryptoQuant’s Bitcoin PnL Index Forms Bullish Crossover"},"content":{"rendered":"

CryptoQuant’s Bitcoin on-chain PnL index has surged above its 365-day MA recently, a crossover that has historically signaled early bull markets.<\/p>\n

Bitcoin On-Chain PnL Index Has Formed A Bullish Crossover<\/h2>\n

As per data from the on-chain analytics firm CryptoQuant<\/a>, the index is indicating a buy signal for BTC right now. The “CryptoQuant on-chain PnL index” is a metric that combines three different indicators into one to point out tops, bottoms, and cyclical shifts in the price of Bitcoin.<\/p>\n

The first of the metrics that the PnL index uses is the “MVRV ratio<\/a>,” which is a model that checks whether BTC is currently overvalued or undervalued by comparing the crypto’s market cap with a fair value model called the “realized cap<\/a>.”<\/p>\n

The second relevant indicator here is the “NUPL<\/a>,” which tells us whether the Bitcoin market as a whole is currently carrying an unrealized profit or an unrealized loss. This metric can provide hints about whether there is a buying or selling motive among investors right now.<\/p>\n

Finally, there is the Spent Output Profit Ratio (SOPR), which tracks whether the average holder is selling at a loss or a profit at the moment. The SOPR shouldn’t be confused with the NUPL, as the quantity being measured by the NUPL is the “unrealized” profit\/loss, which is the profit or loss that investors have accumulated but are yet to harvest (or “realize”) as they are still to sell their coins.<\/p>\n

There are actually two SOPR metrics of interest here; the version specifically for the short-term holders (STHs) and that for the long-term holders (LTHs). The entire Bitcoin market can be divided into these two groups, with the criteria being that holders who bought within the last 155 days fall into the former cohort, while those who bought before that fall into the latter.<\/p>\n

Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again<\/a><\/div>\n

Now, here is the data for the CryptoQuant on-chain PnL index, which takes all these different Bitcoin indicators and combines them into one model for the crypto:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has shot up | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the CryptoQuant on-chain PnL index has sharply risen out of the historical bottom zone recently. The chart also includes the curve for the 365-day moving average (MA) of the metric, and it’s clear that the index has crossed above this MA with the latest surge.<\/p>\n
Historically, such a crossover during bearish periods has signaled a transition toward an early bull market. If this pattern holds true this time as well, then the current breakout could be good news for the ongoing rally.<\/p>\n
Related Reading: Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?<\/a><\/div>\n
However, back in 2015, an initial breakout like the current one did end up failing, and it was only later that a successful transition took place. Nonetheless, CryptoQuant notes “although it is still possible for the index to fall back below, the CryptoQuant PnL Index has issued a definitive buy signal for BTC.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,900, up 11% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to be showing stale price action | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Hans Eiskonen on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
CryptoQuant’s Bitcoin on-chain PnL index has surged above its 365-day MA recently, a crossover that has historically signaled early bull markets. Bitcoin On-Chain PnL Index Has Formed A Bullish Crossover As per data from the on-chain analytics firm CryptoQuant, the index is indicating a buy signal for BTC right now. The “CryptoQuant on-chain PnL index” is a metric that combines three different indicators into one to point out tops, bottoms, and cyclical shifts in the price of Bitcoin. The first of the metrics that the PnL index uses is the “MVRV ratio,” which is a model that checks whether BTC is currently overvalued or undervalued by comparing the crypto’s market cap with a fair value model called the “realized cap.” The second relevant indicator here is the “NUPL,” which tells us whether the Bitcoin market as a whole is currently carrying an unrealized profit or an unrealized loss. This metric can provide hints about whether there is a buying or selling motive among investors right now. Finally, there is the Spent Output Profit Ratio (SOPR), which tracks whether the average holder is selling at a loss or a profit at the moment. The SOPR shouldn’t be confused with the NUPL, as the quantity being measured by the NUPL is the “unrealized” profit\/loss, which is the profit or loss that investors have accumulated but are yet to harvest (or “realize”) as they are still to sell their coins. There are actually two SOPR metrics of interest here; the version specifically for the short-term holders (STHs) and that for the long-term holders (LTHs). The entire Bitcoin market can be divided into these two groups, with the criteria being that holders who bought within the last 155 days fall into the former cohort, while those who bought before that fall into the latter. Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again Now, here is the data for the CryptoQuant on-chain PnL index, which takes all these different Bitcoin indicators and combines them into one model for the crypto: Looks like the value of the metric has shot up | Source: CryptoQuant As displayed in the above graph, the CryptoQuant on-chain PnL index has sharply risen out of the historical bottom zone recently. The chart also includes the curve for the 365-day moving average (MA) of the metric, and it’s clear that the index has crossed above this MA with the latest surge. Historically, such a crossover during bearish periods has signaled a transition toward an early bull market. If this pattern holds true this time as well, then the current breakout could be good news for the ongoing rally. Related Reading: Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover? However, back in 2015, an initial breakout like the current one did end up failing, and it was only later that a successful transition took place. Nonetheless, CryptoQuant notes “although it is still possible for the index to fall back below, the CryptoQuant PnL Index has issued a definitive buy signal for BTC.” BTC Price At the time of writing, Bitcoin is trading around $22,900, up 11% in the last week. BTC seems to be showing stale price action | Source: BTCUSD on TradingView Featured image from Hans Eiskonen on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":517609,"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":[428,11680,85844,87458,1119,1144,83531,87523],"class_list":["post-517596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-bullish-crossover","tag-bitcoin-pnl-index","tag-btc","tag-btcusd","tag-cryptoquant","tag-cryptoquant-pnl-index"],"acf":[],"yoast_head":"\nCryptoQuant's Bitcoin PnL Index Forms Bullish Crossover<\/title>\n<meta name=\"description\" content=\"CryptoQuant's Bitcoin on-chain PnL index has surged above its 365-day MA recently, a crossover that has historically signaled early bull markets. 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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:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CryptoQuant’s Bitcoin PnL Index Forms Bullish Crossover","url":"http:\/\/wncen.com\/news\/cryptoquant-bitcoin-pnl-bullish-crossover\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cryptoquant-bitcoin-pnl-bullish-crossover\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/hans-eiskonen-wn57cSQ7VzI-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/hans-eiskonen-wn57cSQ7VzI-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:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin bullish crossover","bitcoin pnl index","btc","btcusd","cryptoquant","cryptoquant pnl index"],"dateCreated":"2023-01-26T13:18:19Z","datePublished":"2023-01-26T13:18:19Z","dateModified":"2024-06-11T11:30:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CryptoQuant’s Bitcoin PnL Index Forms Bullish Crossover\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cryptoquant-bitcoin-pnl-bullish-crossover\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cryptoquant-bitcoin-pnl-bullish-crossover\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/hans-eiskonen-wn57cSQ7VzI-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/hans-eiskonen-wn57cSQ7VzI-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:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin bullish crossover\",\"bitcoin pnl index\",\"btc\",\"btcusd\",\"cryptoquant\",\"cryptoquant pnl index\"],\"dateCreated\":\"2023-01-26T13:18:19Z\",\"datePublished\":\"2023-01-26T13:18:19Z\",\"dateModified\":\"2024-06-11T11:30:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/hans-eiskonen-wn57cSQ7VzI-unsplash-1-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517596"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517596"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517609"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}