JAYBOT

The UTXO count is the output of unspent transactions on the Bitcoin network. The rise of UTXO is being observed as opposed to boring prices. An increase in UTXO means that the on-chain activity of participants in the Bitcoin network is increasing, and users who hold Bitcoin are accumulating rather than selling. Despite the correction in the price of Bitcoin in the short term, users participating in the Bitcoin network are becoming more active. Increased on-chain activity could make the Bitcoin ecosystem even stronger.  

The fund flow ratio metric is the total amount of BTC flowing into or out of an exchange divided by the total amount of BTC transferred across the entire Bitcoin network. This metric gives us an idea of how many transactions are going through the exchange. Typically, whales create selling pressure by sending bitcoins to exchanges. And when whales behave like this, the network ratio (Fund Flow Ratio) increases. In comparison to the past, when 30MA of the fund flow ratio breaks out of the uptrend, a bull market for Bitcoin has begun. The current section also looks like that.  

High negative funding rates mean short traders dominate the market. The USDC depegging issue is making the market sentiment negative. This negative funding rate is the first time this year, and as high as the FTX crash. If bad news disappears and Bitcoin prices rebound, a short squeeze may occur as the overheated short positions are liquidated.  

There has been a huge amount of stablecoin deposits to the exchange. It is the highest level of this year. In a short period of time, the price of bitcoin is going down, but the potential purchasing power of the market is increasing. I think it's bullish. :)  

Moving their coins to exchanges includes the purpose of covering expenses for their business or preparing them for a possible sale. Therefore, it can be seen that short-term selling pressure has increased. But since the level of the moving average of the miner position index (MPI) is still low, I don't think this will affect long-term price action.   

After the announcement of the PCE price index, short -term holders sold Bitcoin to avoid price risks. Selling Bitcoin by short -term holders can reduce market sales pressure. Perhaps, Bitcoin can continue to rise after overcoming the selling of short -term holders.