February 8, 2023

Analysts are divided on whether the June bear market has bottomed as bullish momentum across the cryptocurrency market begins to wane.

Linked to total cryptocurrency market capitalization $1.064 trillion At the time of writing, all crypto-assets recorded only a 1% increase this week. In contrast, in the first trading week of July, the figure was 6%.

As of press time, Bitcoin (BTC) It fell 17% over the past week to $22,994.74. Since most cryptoassets are correlated with the king coin, their prices are mainly influenced by BTC fares.

According to data from Encryption Watchthe leading metaverse token, Ape Coin (APE) and Decentralization (MANA), which is positively correlated with BTC. Therefore, they also didn’t see much traction during the week.

Wherever BTC goes, APE&MANA will follow

Over the past 7 days, key stakeholders holding King Coins have reduced their holdings. Such whales hold between 10,000 and 10,000,000 BTC in their portfolios. In total, these addresses held 2.95 million BTC, a drop of 1% over the aforementioned period.

For APEs, addresses holding 10,000 to 10,000,000 APEs hold 941.97 million APE tokens as of this writing. Seven days ago, the figure was 945.09 million — representing a 0.33% drop in whale APE holdings.

Source: Santiment

The figure soon dropped by 0.5% after MANA tokens held by key stakeholders rose to a high of 814.02 million on August 1. In fact, at press time, the number was 810.3 million.

In the 30-day window, the price per BTC has risen by 9%. Taking advantage of the price rally, some investors profited as the token’s 30-day MVRV rose to +2.364%.

Following a similar path and having gained 41% in price over the past 30 days, APE’s 30-day MVRV rose to 10.04%, indicating considerable profit-taking by holders.

MANA is no different, as its price has risen 14% in the past 30 days. At press time, its 30-day MVRV is 8.109%.

Source: Santiment

Additionally, on the social front, BTC and MANA recorded negative weighted sentiment at press time.

MANA’s reading of -0.52 on Aug. 5 recorded the lowest weighted sentiment over the past 30 days.

Source: Santiment

On the other hand, the APE has a positive weighted sentiment of 0.921. Additionally, the coin had a weighted sentiment of 1.96 on Aug. 2, the highest value the coin has seen in the past three months.

Source: Santiment

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