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Daily Flash | Meyer Multiple index still shows a bear market；The number of addresses with over 1000 ETH hit a five-year low
Daily Flash | Meyer Multiple index still shows a bear market；The number of addresses with over 1000 ETH hit a five-year low
09 May 12:30
Today's Topic - Meyer Multiple index shows a bear market
According to the recent research of Glassnode (a blockchain analysis company), based on the analysis of the Meyer Multiple index, it is still in the crypto bear market. Mayer Multiple is one of the best-known Bitcoin indexes. It is a simple ratio between price and 20-day moving average. It provides a powerful and reliable index of long-term bottom and top formation for the Bitcoin cycle.
Glassnode draws a 0.8x Meyer Multiplier as the historical "undervalued" level, which is based on less than 15% of Bitcoin trading time at or below this level. Since the 20-day moving average is $47,275. The 20% discount level is currently $37,820.
This index indicates that it may have passed through the initial stage of the late bear market and entered the second half of the bear market. However, according to previous cycles, it also shows that it may take some time, and the market has not provided enough demand and price appreciation to achieve sustainable profits and capital inflows.
Do you think the bear market is turning into a bull one or a long bear-market period is just beginning?
Today's Chart - The number of addresses with more than 1000 ETH hit a five-year low
The number of addresses holding more than 1,000 ETH hit a five-year low of 6195 addresses.
Will ETH fall below $2,000?
Today's Influencer - Finance Minister of India: anonymity is an "inherent risk" of blockchain Technology
On May 8, Nirmala Sitharaman, the Indian Finance Minister, said that the use of blockchain technology is "absolutely necessary" and supported by the government, but anonymity is an "inherent risk" of blockchain technology, and preventive measures should be taken in the future as the use of this technology increases.
Do you think anonymity is more risky or beneficial?
Hot events last week - #Bitcoin worst performance, #Bitcoin futures ETF
Bitcoin's worst performance since 2020 according to the NASDAQ index
Argentina's central bank banned banks from providing cryptocurrency services
Another Bitcoin futures ETF has been approved by the SEC, but there is no spot ETF
Moonbirds and Solana boosted NFT sales by 45% in April
Luna Foundation Guard(LFG) bought another $1.5 billion of Bitcoin to support UST
Author: Gate.io Researcher: Byron B. Translator: Joy Z.
* This article represents only the views of the researcher and does not constitute any investment advice.
*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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