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Regarding CryptoQuant's data, BTC Open Interest has increased since the recent dip along with a fairly positive funding rate. It's happened after the massive short liquidation during the rising channel in price action. It suggests that there is seemingly positive sentiment among short-term traders.    

Regarding CryptoQuant's data, the Long Term Holders SOPR metric suggests that long-term holders think the bitcoin network is undervalued as they hasn't massively initiated their movement yet.  

According to CryptoQuant, the value of MVRV ratio has been above the breakeven line after bottoming at about 0.837. This means that all coins are at a small profit after at a maximal loss of nearly -16.3% in average.  

According to CryptoQuant, top ten inflows has recently spiked and hit a new peak over the last two years.  

According to CryptoQuant, Fund Holdings has currently dropped about 33,250 BTCs from its local top, which are mostly from Purpose Bitcoin ETF and 3iQ CoinShares Bitcoin ETF.  

According to CryptoQuant, the fund market premium has hit a new all time low at approximately -31.8, indicating the bearish sentiment across the market.  

[A short article on April 23] Market sentiment is the public interest in the underlying assets and the behavior of traders on derivatives markets. Thanks to sentiment analysis, one can identify the attitude of long-term investors as they always sell during the uptrend to short-term speculators and buy the dips with a statistically positive expectation. On the contrary, the crowd psyche is irrational as buying with spiking candlesticks in fear of missing out and dumping in the downtrend. ... On balance, market sentiment is not as strong as on-chain activity. There is the likelihood that we are in a semi-bear market wherein the ongoing capitulation has taken effect since May 2021, and the continuing accumulation phase has appeared to wipe out the short-term speculators. Full analysis: https://kingstockcapital.substack.com/p/market-sentiment-is-not-as-strong?s=w  

On-chain data shows that the current market cycle is unique, with more Bitcoiners transacting peer-to-peer and outside the realm of exchanges. ... Long-term investors are concerned about the digital attributes to the velocity of bitcoin usage in the economy rather than its trading price. With limited supply and increasing demand, an increase of transactions and active addresses over time demonstrates the growth of the Bitcoin network’s utility. ... Bitcoin velocity is the ratio of transaction volume divided by market capitalization. That helps gauge the relativity between network value and network usage as transaction volume exhibits the network usage. In the following analysis, you can see that the velocity of coins circulating in the bitcoin economy has risen, and the network value is relatively undervalued compared to its high utility. Full analysis: https://kingstockcapital.substack.com/p/the-utility-of-bitcoin-network-has?s=w Image's source data: CryptoQuant  

“Funding rates represent traders' sentiment in the perpetual swaps market and the amount is proportional to the number of contracts. Positive funding rates indicate that long position traders are dominant and are willing to pay funding to short traders. Negative funding rates indicate that short position traders are dominant and are willing to pay long traders.” The higher the absolute value of the funding rate is, the more aggressive the traders are. However, the current absolute value of the funding rate has been hovering near zero, which means traders are not aggressive under the prevailing economic conditions. Meanwhile, the increasing OI from March 8 to 28 is overheated and deliberately driven by the short-term traders as there was an open-ended capitulation that initiated at the peak of $48k on March 28. Hence, it's not capable of supporting a possible uptrend.   

Having looked at the ratio of buy volume divided by sell volume of takers in perpetual swap trades, values over 1 -more buy orders taken via market order- indicate bullish sentiment is dominant, and similarly, under 1 indicate the dominance of bearish sentiment as more sell orders actively executed through market orders. Also, EMA-14 of the Taker Buy Sell Ratio has been negative and recently retested the level of 1, suggesting that more sellers are willing to sell coins at a lower price and that selling pressure is stronger than the buying pressure.