TON DEXs have seen a decrease in the number of transactions and pools. After the TON price approached $7.2, it experienced significant volatility, fluctuating between $7.2 and $5.2. This movement has reduced interest in DEXs.

In the past, increased transactions on platforms such as Stone.FI and DeDust have been associated with higher TON prices. The recent decline is considered a price correction for TON and a decrease in interest in the network.

TON’s 180-day Sharpe Ratio has returned to the low-risk investment area.

- The Sharpe Ratio evaluates whether the returns are adequate for the level of risk taken.
- A high Sharpe Ratio indicates a high-risk area, while a low value indicates a low-risk area.
- Historically, whenever TON has reached this level, it has presented long-term investment opportunities.

Binance is the leader in Ethereum reserves with 4.3 million ETH. At Ethereum’s current price of $3,900, these reserves have a fiat value of approximately $16.77 billion. Binance’s ability to maintain and grow these reserves reflects its strength as an exchange and the trust it has in users and the crypto community.

The slight decline in reserves in 2024 is expected due to the ongoing bull rally. In bull markets, users withdraw their funds to trade or stake. Binance remains reliable in the long term.

The Binance Spot-Perp spread has turned negative after remaining positive for a month. This suggests that the Perp price is below the spot price and that there may be a short-term selling pressure and a bearish trend in the derivatives market. However, this signal is not yet significant as funding rates remain low. With open interest at high levels, this metric will need to be closely monitored to determine whether the market is entering a short-term correction or an accumulation phase.

In recent days, a large amount of Bitcoin has been withdrawn from spot exchanges. This is happening at a time when prices are rising and it shows that investors are continuing to accumulate Bitcoin. Investors seem to be waiting for new all-time highs (ATH) for Bitcoin.

In the Bitcoin market, long-term holders (LTH) play a key role in understanding market trends and predicting future movements. The accumulation and distribution behavior of LTH is one of the main on-chain indicators that shape Bitcoin’s price movements.

- As of 2024, the LTH metric is once again signaling critical market dynamics. Recent selling activity suggests that the market may enter a correction phase or face resistance at current price levels.
- The market may be in a consolidation phase before entering a new bullish cycle or a deeper correction. Since Bitcoin is in an “overheated” zone, investors are advised to be cautious and evaluate profit-taking opportunities.

Bitcoin reached an all-time high of 104K. It is wondered which levels could serve as support in a possible correction.

- The average cost of those holding for 1-7 days is **96K**,

- The average cost of those holding for 1-4 weeks is **91,745**.

Therefore, it is likely that these two levels will be tested as potential support zones in the event of a correction.

This article reports that the Coinbase Premium Index was analyzed on the 1-hour time frame to assess its short-term momentum. When examining the daily and weekly moving averages, it was observed that significant price movements occur when the daily average strongly crosses above the weekly average. Currently, the slope of the weekly moving average has become positive and the daily average is on track to form a "golden cross" with the weekly average. Bitcoin is forming a triangle pattern, creating higher lows. If sufficient demand is generated, Bitcoin can be expected to continue its uptrend.

In the cryptocurrency sector, 2024 marks a significant change with sharp increases in Bitcoin and USDT investments on exchanges. Average Bitcoin investments increased from 0.36 BTC to 1.65 BTC, and USDT investments from $19.6k to $230k. These increases indicate increasing interest from institutional investors.

Binance is the leader in this institutional growth. Average daily Bitcoin investments increased by 2.77 BTC, while USDT reserves reached $23 billion. These developments reinforce the role of cryptocurrencies as a maturing financial asset class.

Bitcoin has experienced its highest rise since December 2022.

- A large amount of Bitcoin has been withdrawn from exchanges.
- This could indicate that the uptrend is not over yet.
- Market observers say this move could indicate that investors are inclined to hold Bitcoin for the long term.

Bitcoin price has risen from around $60,000 to $100,000 in recent months, pushing the Realized Price from $31,000-32,000 to $37,000.

- Capital Inflows: High Realized Price indicates new participants are entering the market and confidence in Bitcoin is increasing.

- Strong Cost Fundament: Rising average purchase cost provides support during market corrections.

- Decreasing Selling Pressure: Long-term holders are hesitant to sell.

These trends point to a sustainable uptrend that should be watched carefully.

During the Bitcoin rally, Open Interest and BTC price reached all-time highs as Bitcoin approached the critical 100K target.

The increase in Open Interest was due to a significant increase in leveraged positions as the Bitcoin price rose rapidly.

However, as these positions grew at an unsustainable pace, a market correction occurred and Bitcoin price fell by 9%, and leveraged positions were liquidated.

Following this liquidation event, the 7-day percentage change in Open Interest fell rapidly, approaching its low.

This change may make the market healthier, but liquidations may occur before Bitcoin retests the 100K psychological resistance.

Tracking the 7-day percentage change in Open Interest can be a useful tool for determining long or short positions and provides valuable insight into global investor behavior.

After Bitcoin surpassed its previous all-time high, investors’ profits from transferring Bitcoin to Binance have increased significantly.

Tracking the profits made by the Binance group provides valuable insight into market sentiment and behavior. This data is especially important as Binance consistently processes higher volumes than other exchanges.

Understanding whether profit taking is aggressive (over 10M) or stable can be critical to confirming the strength of the current trend. For now, profit taking is observed to be stalled, but it is always useful to monitor these signals to anticipate possible changes in market momentum.

Despite Bitcoin’s recent price rally, the Korean Premium Index, a key indicator reflecting retail participation, remains below -0.5. This suggests that retail participation is not actively contributing to the current price rally.

Historically, the Korean Premium Index has often risen to extreme levels before Bitcoin’s price peaks. Therefore, monitoring the index’s movements remains a valuable tool for identifying potential Bitcoin price peaks.

Bitcoin has recently started to depart from the trend of gold.

Gold may be the subject of profit realizations as it has been performing strongly.

While Bitcoin's momentum is increasing, the correlation between the two assets is decreasing.

This divergence is accelerating in favor of Bitcoin.

This situation could result in a potential liquidity shift and capital flow into Bitcoin.

Binance recorded $10.2 billion in stablecoin inflows in the past month, highlighting the platform’s central role in the crypto trading ecosystem.

- Stablecoins, such as USDT and USDC, act as a bridge between fiat currencies and crypto assets.

- Spot market trading: Buying Bitcoin, Ethereum, and altcoins.

- Futures: Collateral for margin positions.

- DeFi and staking: Evaluating yield opportunities in the Binance ecosystem.

Bitcoin is reaching new highs, with most investors in profit. Market sentiment is turning positive and on-chain metrics are giving positive signals for further gains.

The MVRV ratio is calculated by dividing the market value by the realized value. Historically, values ​​below 1 indicate a market bottom, while values ​​above 3.7 indicate a potential top.

However, building an investment strategy based solely on the MVRV ratio can be risky. A gradual sell strategy based on the rate rising may be a better approach.

On Deribit Options Exchange, Ethereum and Bitcoin net flows are highlighted by notable outflows to cold wallets.

- Ethereum: 233,000 ETH were moved to Deribit’s cold wallet at an average price of $3,350, totaling $783,000,000.

- Bitcoin: 31,000 BTC were moved to cold wallet at an average price of $98,000, totaling $3,038,000,000.

These large withdrawals may indicate Deribit’s long-term confidence or strategy. They may have an impact on market sentiment and liquidity.

Market Impacts:

- Reduced Selling Pressure: Funds moved to cold wallets are less likely to be sold in the short term.

- Institutional Accumulation: Large-scale transfers are often indicative of institutional accumulation.

- Deribit’s Risk Management: The move of assets to cold storage reflects a cautious approach due to security and regulatory scrutiny.

- Market Sentiment: These movements may be welcomed by traders.

Ethereum and Bitcoin net flows are notable on the Deribit Options Exchange.

- Ethereum: 233,000 ETH were moved to Deribit's cold wallet at an average price of $3,350, totaling $783 million.

- Bitcoin: 31,000 BTC were transferred to cold wallet at an average price of $98,000, totaling $3,038 billion.

These large withdrawals can affect market sentiment and liquidity.

Market Impacts:

- Reduction in Selling Pressure: Funds moved to cold wallets are unlikely to be sold in the short term.

- Institutional Accumulation: Large transfers usually indicate institutional accumulation.

- Deribit's Risk Management: Moving assets to cold storage is a precaution against security and regulatory scrutiny.

- Market Sentiment: These moves can increase buying activity.

This November, the Bitcoin price increased by 34.17%, recording its best November performance since 2020. Although the month has not yet closed, it is likely to end on a positive note. Inflows into Bitcoin ETFs played a significant role in this increase. The increase in institutional participation supported the price increase by increasing demand. This shows that large investors are showing increasing interest in the market.