{"id":652617,"date":"2024-11-12T03:00:48","date_gmt":"2024-11-12T03:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=652617"},"modified":"2024-11-11T15:42:13","modified_gmt":"2024-11-11T15:42:13","slug":"is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/","title":{"rendered":"Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors"},"content":{"rendered":"<p>Amid Bitcoin&#8217;s pursuit to hit the six figures all-time high (ATH), a CryptoQuant analyst known as aytekin, has shared a comprehensive <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6731f4928a3255075750dea6-Bull-Market-Issues\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> on tools to assess Bitcoin\u2019s market temperature, focusing on distinguishing useful from potentially misleading metrics.<\/p>\n<p data-pm-slice=\"1 1 []\">According to aytekin, investors\u2019 concerns often center around Bitcoin\u2019s ability to reach new peaks and when it might experience a market top. To navigate these questions, he highlighted two charts he pays less attention to for gauging market sentiment: &#8220;open interest&#8221; and the \u201csupply in profit\u201d metric.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/analyst-reveals-bitcoin-key-support-levels-for-reaccumulation-details\/\" target=\"_blank\" rel=\"noopener \">Analyst Reveals Bitcoin Key Support Levels For Reaccumulation \u2013 Details<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Challenges With BTC Key Metrics<\/h2>\n<p data-pm-slice=\"1 1 []\">The analyst elaborated that establishing a causal link between price and open interest remains challenging, as historical data indicates that <a href=\"https:\/\/wncen.com\/news\/bitcoin\/analyst-reveals-bitcoin-key-support-levels-for-reaccumulation-details\/\" target=\"_blank\" rel=\"noopener \">price fluctuations<\/a> tend to drive changes in open interest levels rather than the reverse.<\/p>\n<p data-pm-slice=\"1 1 []\">Furthermore, the analyst reveals that with the growth of futures markets and Bitcoin\u2019s adoption, higher levels of open interest are anticipated in the coming years.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/111546\/quicktake\/VX9SIFyT_54ef69b510b66ad00f4282fb2e6778ecf7023d75bd97af9c073c57143ba3aa5b.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin Open interest. \" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin Open interest. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Another metric aytekin views as potentially misleading is the \u201csupply in profit,\u201d which measures overall network profitability. This metric correlates with Bitcoin\u2019s nominal price, often leading to extreme spikes above 95% in profitability during ATH periods.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/111546\/quicktake\/nL65saZ_cdbfb666089a22482f51783dcc4bfcf287bcd2b47d79384cd96be3519a315151.png?resize=1280%2C720&#038;ssl=1\" alt=\"BTC Supply in profit.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">BTC Supply in profit. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">However, aytekin suggests that reaching new highs would be problematic if extreme profitability consistently triggered major sell-offs. Instead, he recommends considering how long these high-profitability levels persist, noting that historically, such conditions have lasted up to a year within <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-stock-to-flow-model-reveals-500000-price-target\/\" target=\"_blank\" rel=\"noopener \">broader market cycles<\/a>.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Credible Metric Suggests Overheating Bitcoin?<\/h2>\n<p data-pm-slice=\"1 1 []\">In contrast, the analyst emphasized two metrics he finds valuable for tracking Bitcoin\u2019s market sentiment: the <a href=\"https:\/\/wncen.com\/bitcoin-news\/rising-bitcoin-funding-rates-signal-market-optimism-but-is-a-correction-looming\/\" target=\"_blank\" rel=\"noopener \">funding rate<\/a> and the Spent Output Profit Ratio (SOPR). The funding rate, which tracks the cost paid between long and short positions in futures markets, serves as a tool to identify &#8220;overzealous&#8221; market optimism.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/111546\/quicktake\/6tA2i_08456334426e9d22374b4f5f06cf558db7132e1aef82df190b49f4c2bc52b121.png?resize=1280%2C720&#038;ssl=1\" alt=\"BTC funding rate. \" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">BTC funding rate. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Aytekin believes monitoring this metric offers better insights than open interest for assessing market conditions. As of now, he notes that funding rates are not signaling extreme market behavior.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst reveals that the SOPR metric clarifies profitability trends, particularly when smoothed using a 30-day moving average.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/111546\/quicktake\/bvTtnHgs_900ee9ada0c46b0bdd20e746bbed849dd19055469d0aa507e692b.png?resize=1280%2C720&#038;ssl=1\" alt=\"BTC SOPR. \" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">BTC SOPR. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Aytekin highlights that profitability alone is not inherently risky unless it coincides with <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-ready-phase-2-historical-bull-pattern\/\" target=\"_blank\" rel=\"noopener \">supply movements<\/a> within the market. The CryptoQuant analyst reveals that current SOPR levels indicate a market that, while showing <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-investor-profits-now-121-enough-top\/\" target=\"_blank\" rel=\"noopener \">signs of profitability<\/a>, does not exhibit symptoms of overheating.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-ready-phase-2-historical-bull-pattern\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Could Be Ready For \u2018Phase 2\u2019 Of This Historical Bull Pattern<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">Meanwhile, Bitcoin has been trading for $81,838, up by 2.4% in the past day. This trading price marks a 0.6% decline from the asset&#8217;s ATH of $82,379 created earlier today.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/h20PCf08\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AEURGBP\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">When writing, the asset&#8217;s market capitalization sits above $1.6 billion with a 24-hour trading volume of \u00a0$90.6 billion.<\/p>\n<p data-pm-slice=\"1 1 []\">Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amid Bitcoin&#8217;s pursuit to hit the six figures all-time high (ATH), a CryptoQuant analyst known as aytekin, has shared a comprehensive analysis on tools to assess Bitcoin\u2019s market temperature, focusing on distinguishing useful from potentially misleading metrics. According to aytekin, investors\u2019 concerns often center around Bitcoin\u2019s ability to reach new peaks and when it might experience a market top. To navigate these questions, he highlighted two charts he pays less attention to for gauging market sentiment: &#8220;open interest&#8221; and the \u201csupply in profit\u201d metric. Related Reading: Analyst Reveals Bitcoin Key Support Levels For Reaccumulation \u2013 Details Challenges With BTC Key Metrics The analyst elaborated that establishing a causal link between price and open interest remains challenging, as historical data indicates that price fluctuations tend to drive changes in open interest levels rather than the reverse. Furthermore, the analyst reveals that with the growth of futures markets and Bitcoin\u2019s adoption, higher levels of open interest are anticipated in the coming years. Another metric aytekin views as potentially misleading is the \u201csupply in profit,\u201d which measures overall network profitability. This metric correlates with Bitcoin\u2019s nominal price, often leading to extreme spikes above 95% in profitability during ATH periods. However, aytekin suggests that reaching new highs would be problematic if extreme profitability consistently triggered major sell-offs. Instead, he recommends considering how long these high-profitability levels persist, noting that historically, such conditions have lasted up to a year within broader market cycles. Credible Metric Suggests Overheating Bitcoin? In contrast, the analyst emphasized two metrics he finds valuable for tracking Bitcoin\u2019s market sentiment: the funding rate and the Spent Output Profit Ratio (SOPR). The funding rate, which tracks the cost paid between long and short positions in futures markets, serves as a tool to identify &#8220;overzealous&#8221; market optimism. Aytekin believes monitoring this metric offers better insights than open interest for assessing market conditions. As of now, he notes that funding rates are not signaling extreme market behavior. The analyst reveals that the SOPR metric clarifies profitability trends, particularly when smoothed using a 30-day moving average. Aytekin highlights that profitability alone is not inherently risky unless it coincides with supply movements within the market. The CryptoQuant analyst reveals that current SOPR levels indicate a market that, while showing signs of profitability, does not exhibit symptoms of overheating. Related Reading: Bitcoin Could Be Ready For \u2018Phase 2\u2019 Of This Historical Bull Pattern Meanwhile, Bitcoin has been trading for $81,838, up by 2.4% in the past day. This trading price marks a 0.6% decline from the asset&#8217;s ATH of $82,379 created earlier today. When writing, the asset&#8217;s market capitalization sits above $1.6 billion with a 24-hour trading volume of \u00a0$90.6 billion. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":652623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,679,1119,78790,10923,83531],"class_list":["post-652617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors<\/title>\n<meta name=\"description\" content=\"Amid Bitcoin pursuit to hit the six figures all-time high (ATH), a CryptoQuant analyst known as aytekin, has shared a comprehensive...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin Now Overheating? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is Bitcoin Now Overheating? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin Now Overheating? 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