• bitcoinBitcoin (BTC) $ 62,640.00
  • ethereumEthereum (ETH) $ 2,454.53
  • tetherTether (USDT) $ 0.999633
  • bnbBNB (BNB) $ 570.42
  • solanaSolana (SOL) $ 145.84
  • usd-coinUSDC (USDC) $ 0.999902
  • xrpXRP (XRP) $ 0.527535
  • staked-etherLido Staked Ether (STETH) $ 2,454.41
  • dogecoinDogecoin (DOGE) $ 0.110081
  • tronTRON (TRX) $ 0.162544
  • the-open-networkToncoin (TON) $ 5.15
  • cardanoCardano (ADA) $ 0.347542
  • avalanche-2Avalanche (AVAX) $ 28.59
  • wrapped-stethWrapped stETH (WSTETH) $ 2,898.82
  • shiba-inuShiba Inu (SHIB) $ 0.000017
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 62,448.00
  • wethWETH (WETH) $ 2,454.40
  • chainlinkChainlink (LINK) $ 10.71
  • bitcoin-cashBitcoin Cash (BCH) $ 320.64
  • suiSui (SUI) $ 2.22
  • daiDai (DAI) $ 0.999830
  • polkadotPolkadot (DOT) $ 4.13
  • uniswapUniswap (UNI) $ 7.67
  • leo-tokenLEO Token (LEO) $ 6.05
  • nearNEAR Protocol (NEAR) $ 4.61
  • aptosAptos (APT) $ 9.87
  • litecoinLitecoin (LTC) $ 64.65
  • bittensorBittensor (TAO) $ 648.91
  • wrapped-eethWrapped eETH (WEETH) $ 2,576.15
  • pepePepe (PEPE) $ 0.000009
  • internet-computerInternet Computer (ICP) $ 7.79
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 1.40
  • kaspaKaspa (KAS) $ 0.131832
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998847
  • moneroMonero (XMR) $ 151.40
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.363068
  • ethereum-classicEthereum Classic (ETC) $ 18.49
  • stellarStellar (XLM) $ 0.090016
  • dogwifcoindogwifhat (WIF) $ 2.61
  • blockstackStacks (STX) $ 1.68
  • okbOKB (OKB) $ 41.54
  • ethena-usdeEthena USDe (USDE) $ 0.998693
  • immutable-xImmutable (IMX) $ 1.48
  • aaveAave (AAVE) $ 152.11
  • whitebitWhiteBIT Coin (WBT) $ 15.31
  • optimismOptimism (OP) $ 1.67
  • filecoinFilecoin (FIL) $ 3.51
  • render-tokenRender (RENDER) $ 5.28
  • crypto-com-chainCronos (CRO) $ 0.075777
  • mantleMantle (MNT) $ 0.601477
  • injective-protocolInjective (INJ) $ 19.85
  • arbitrumArbitrum (ARB) $ 0.522370
  • hedera-hashgraphHedera (HBAR) $ 0.050189
  • fantomFantom (FTM) $ 0.660243
  • vechainVeChain (VET) $ 0.022053
  • cosmosCosmos Hub (ATOM) $ 4.27
  • sei-networkSei (SEI) $ 0.456858
  • thorchainTHORChain (RUNE) $ 4.74
  • the-graphThe Graph (GRT) $ 0.160607
  • bitget-tokenBitget Token (BGB) $ 1.08
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,453.85
  • bonkBonk (BONK) $ 0.000021
  • popcatPopcat (POPCAT) $ 1.37
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,744.01
  • celestiaCelestia (TIA) $ 6.05
  • flokiFLOKI (FLOKI) $ 0.000134
  • theta-tokenTheta Network (THETA) $ 1.26
  • mantra-daoMANTRA (OM) $ 1.46
  • arweaveArweave (AR) $ 18.75
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,563.51
  • gatechain-tokenGate (GT) $ 9.19
  • makerMaker (MKR) $ 1,317.13
  • pyth-networkPyth Network (PYTH) $ 0.313765
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 62,485.00
  • heliumHelium (HNT) $ 6.28
  • jupiter-exchange-solanaJupiter (JUP) $ 0.781991
  • worldcoin-wldWorldcoin (WLD) $ 1.97
  • based-brettBrett (BRETT) $ 0.102618
  • algorandAlgorand (ALGO) $ 0.119718
  • ondo-financeOndo (ONDO) $ 0.688970
  • kucoin-sharesKuCoin (KCS) $ 8.16
  • matic-networkPolygon (MATIC) $ 0.362747
  • ethenaEthena (ENA) $ 0.350221
  • quant-networkQuant (QNT) $ 64.59
  • lido-daoLido DAO (LDO) $ 1.03
  • jasmycoinJasmyCoin (JASMY) $ 0.018699
  • bitcoin-svBitcoin SV (BSV) $ 44.54
  • aerodrome-financeAerodrome Finance (AERO) $ 1.35
  • bittorrentBitTorrent (BTT) $ 0.00000090
  • neiro-3Neiro (NEIRO) $ 0.002069
  • fasttokenFasttoken (FTN) $ 2.56
  • galaGALA (GALA) $ 0.021211
  • coredaoorgCore (CORE) $ 0.903509
  • flowFlow (FLOW) $ 0.533967
  • spx6900SPX6900 (SPX) $ 0.875645
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,422.09
  • wormholeWormhole (W) $ 0.305098
  • starknetStarknet (STRK) $ 0.410572
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,506.03
  • notcoinNotcoin (NOT) $ 0.007662
  • msolMarinade Staked SOL (MSOL) $ 178.58
  • beam-2Beam (BEAM) $ 0.014784
  • conflux-tokenConflux (CFX) $ 0.166282
  • usddUSDD (USDD) $ 0.997146
  • klay-tokenKlaytn (KLAY) $ 0.127155
  • neoNEO (NEO) $ 10.32
  • elrond-erd-2MultiversX (EGLD) $ 26.42
  • flare-networksFlare (FLR) $ 0.014367
  • mog-coinMog Coin (MOG) $ 0.000002
  • ordinalsORDI (ORDI) $ 34.09
  • eosEOS (EOS) $ 0.464679
  • axie-infinityAxie Infinity (AXS) $ 4.59
  • tezosTezos (XTZ) $ 0.682793
  • chilizChiliz (CHZ) $ 0.074855
  • paypal-usdPayPal USD (PYUSD) $ 0.999854
  • nervos-networkNervos Network (CKB) $ 0.014864
  • tokenize-xchangeTokenize Xchange (TKX) $ 8.35
  • ecasheCash (XEC) $ 0.000033
  • eigenlayerEigenlayer (EIGEN) $ 3.52
  • tether-goldTether Gold (XAUT) $ 2,657.37
  • fraxFrax (FRAX) $ 0.997186
  • mina-protocolMina Protocol (MINA) $ 0.551714
  • pendlePendle (PENDLE) $ 3.98
  • axelarAxelar (AXL) $ 0.774246
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 62,537.00
  • the-sandboxThe Sandbox (SAND) $ 0.257630
  • turboTurbo (TURBO) $ 0.008772
  • akash-networkAkash Network (AKT) $ 2.44
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,517.49
  • dydx-chaindYdX (DYDX) $ 0.908430
  • cat-in-a-dogs-worldcat in a dogs world (MEW) $ 0.006572
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000027
  • aleoALEO (ALEO) $ 2.70
  • superfarmSuperVerse (SUPER) $ 1.23
  • ethereum-name-serviceEthereum Name Service (ENS) $ 16.70
  • roninRonin (RON) $ 1.57
  • nexoNEXO (NEXO) $ 0.981594
  • decentralandDecentraland (MANA) $ 0.293797
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 62,567.00
  • zcashZcash (ZEC) $ 35.27
  • book-of-memeBOOK OF MEME (BOME) $ 0.007630
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,454.67
  • dog-go-to-the-moon-runeDOG•GO•TO•THE•MOON (Runes) (DOG) $ 0.005198
  • pax-goldPAX Gold (PAXG) $ 2,667.43
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,454.61
  • beldexBeldex (BDX) $ 0.076211
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.80
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 152.42
  • aioz-networkAIOZ Network (AIOZ) $ 0.442527
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 2,653.74
  • true-usdTrueUSD (TUSD) $ 0.996908
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000086
  • arkhamArkham (ARKM) $ 1.73
  • baby-doge-coinBaby Doge Coin (BABYDOGE) $ 0.00000000
  • dexeDeXe (DEXE) $ 8.37
  • apecoinApeCoin (APE) $ 0.706641
  • raydiumRaydium (RAY) $ 1.78
  • havvenSynthetix Network (SNX) $ 1.43
  • safeSafe (SAFE) $ 0.958569
  • zksyncZKsync (ZK) $ 0.127103
  • blurBlur (BLUR) $ 0.240952
  • oasis-networkOasis (ROSE) $ 0.069071
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.11
  • gigachad-2Gigachad (GIGA) $ 0.048159
  • gnosisGnosis (GNO) $ 171.55
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999818
  • layerzeroLayerZero (ZRO) $ 3.89
  • astarAstar (ASTR) $ 0.058807
  • iotaIOTA (IOTA) $ 0.123565
  • celoCelo (CELO) $ 0.772091
  • xdce-crowd-saleXDC Network (XDC) $ 0.028268
  • frax-etherFrax Ether (FRXETH) $ 2,446.32
  • metaplexMetaplex (MPLX) $ 0.422988
  • livepeerLivepeer (LPT) $ 11.84
  • apenftAPENFT (NFT) $ 0.00000042
  • dydxdYdX (ETHDYDX) $ 0.906920
  • usdbUSDB (USDB) $ 0.997738
  • theta-fuelTheta Fuel (TFUEL) $ 0.060126
  • l2-standard-bridged-weth-blastL2 Standard Bridged WETH (Blast) (WETH) $ 2,454.74
  • super-oethSuper OETH (SUPEROETHB) $ 2,454.33
  • constitutiondaoConstitutionDAO (PEOPLE) $ 0.078453
  • dogs-2Dogs (DOGS) $ 0.000769
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 62,650.00
  • compound-governance-tokenCompound (COMP) $ 43.88
  • bitcoin-goldBitcoin Gold (BTG) $ 21.89
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.06
  • echelon-primeEchelon Prime (PRIME) $ 7.86
  • iotexIoTeX (IOTX) $ 0.039345
  • stepnGMT (GMT) $ 0.127307
  • osmosisOsmosis (OSMO) $ 0.537790
  • binance-peg-busdBinance-Peg BUSD (BUSD) $ 1.00
  • ethereum-pow-iouEthereumPoW (ETHW) $ 3.40
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 2,455.72
  • kavaKava (KAVA) $ 0.336121
  • bitcoin-avalanche-bridged-btc-bBitcoin Avalanche Bridged (BTC.b) (BTC.B) $ 62,603.00
  • dymensionDymension (DYM) $ 1.70
  • safepalSafePal (SFP) $ 0.704712
  • reserve-rights-tokenReserve Rights (RSR) $ 0.006429
  • wemix-tokenWEMIX (WEMIX) $ 0.792418
  • harrypotterobamasonic10inHarryPotterObamaSonic10Inu (ETH) (BITCOIN) $ 0.320477

Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report

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Although Bitcoin (BTC) on-chain health remains net positive, from a price perspective two crucial support levels must be maintained for a continued bullish uptrend, notes ARK Invest in its latest monthly report.

Bitcoin’s Healthy On-Chain Metrics, What Does It Mean?

In its report, ARK Invest posits that Bitcoin requires some upside if its market structure is to be maintained. The report notes that in August 2024, BTC’s price slid by 8.7% to $58,972. The leading digital asset was also unable to overcome its 200-day moving average, making two key support areas at $52,000 and $46,000 critical for its bullish momentum.

The report states that despite the temporary headwinds faced by Bitcoin, its on-chain health remains ‘net positive.’ Essentially, the Bitcoin network is net bullish across different on-chain metrics such as network security, network usage, and holder behavior.

Bitcoin’s long-term holder supply, or BTC held for more than 155 days by holders, is up 3.3% month-over-month (MoM) and down a marginal 0.23% year-over-year (YoY). In addition, Bitcoin’s locked supply has increased in both MoM and YoY terms by 0.58% and 1.82%, respectively.

Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report

Bitcoin’s transaction volume has tumbled by 24.5% MoM and 2.3% YoY, a bearish on-chain indicator. However, Bitcoin’s bullish on-chain metrics overshadow the one bearish indicator, allowing its on-chain health to remain net positive.

Another key performance indicator strengthening ARK Invest’s bullish stance on Bitcoin is its short-to-long liquidation dominance. Essentially, this metric measures short-term liquidations relative to long-term liquidations over the last 90 days, and found that it’s at its lowest since Q2 2023.

Bitcoin ETF Investors Underwater At Large

The report highlights that at the end of August 2024, the estimated cost basis of US spot exchange-traded-fund (ETF) participants was higher than BTC’s price, hinting that the average ETF investor may be at a loss. The higher estimated cost basis of US spot ETF participants compared to its price can be confirmed from the chart below.

Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report

The US Securities and Exchange Commission (SEC) approved spot Bitcoin ETF earlier this year, which made it easier for institutional and retail investors to gain exposure to the world’s largest cryptocurrency through a compliant investment product.

Bitcoin ETFs are witnessing unprecedented interest from institutional investors. Specifically, Wall Street titans such as Goldman Sachs and Morgan Stanley have poured millions of dollars into Bitcoin ETFs. Conversely, Ethereum ETFs haven’t yet piqued institutional interest at comparable levels.

At press time, Bitcoin trades at $57,836, up a minimal 0.2% in the past 24 hours. BTC’s total market cap stands at $1.14 trillion.

Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report

Featured image from Unsplash, Charts from ARK Invest and Tradingview.com

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