As of September 23, Santiment’s data reveals a significant divide among major cryptocurrency assets. According to the company’s 365-day Market Value to Realized Value (MVRV) indicator, XRP stands at a negative 11.75% and Dogecoin at negative 19.26%. Meanwhile, Bitcoin, Ethereum, and Chainlink slightly surpassed the zero threshold during the same period.
Are XRP and Dogecoin Still in Trouble?
Yes, the MVRV indicator shows that these assets remain in the negative zone, suggesting that their long-term holders are still facing paper losses. Santiment, renowned for its on-chain data analysis, notes that a negative MVRV implies the average cost of these coins remains above the current market price.
Bitcoin’s Path Forward?
Bitcoin has been experiencing fluctuations around the 80,000-dollar range. Recent data indicated a stabilization around the mid-80,000-dollar region, succeeding a pullback from over 87,000 dollars. Analyst Ali Charts highlights a potential double-bottom formation on the daily chart, with the neckline positioned at 82,500 dollars.
Ali Charts stated, “The double bottom pattern in Bitcoin emphasizes 82,500 dollars as crucial support, with a formation target of 100,000 dollars.”
Therefore, the 82,500-dollar level serves as a critical technical reference. Holding above this level could maintain the validity of the structure, but a significant drop below would necessitate a reevaluation of the technical outlook.
Growing Institutional Influence
This technical landscape emerges alongside a surge in institutional demand. In late September, U.S. spot Bitcoin ETFs attracted substantial inflows, with 999 million dollars on September 21 and 714.7 million dollars on September 22, bolstering market support during recent peaks.
Corporate acquisitions extended this momentum. Strategy acquired 950 Bitcoins for 75.7 million dollars, bringing its holdings to 846,000 BTC. At the same time, Strive purchased 1,355 Bitcoins, expanding its reserves to 26,355 BTC.
- XRP and Dogecoin continue to show negative MVRV, indicating paper losses for long-term holders.
- Bitcoin hovers around a crucial technical level at 82,500 dollars.
- Institutional activity is intensifying, with significant ETF inflows and company acquisitions.
Overall, recent recoveries have not been universally beneficial across the cryptocurrency spectrum. XRP and Dogecoin remain in a state of prolonged loss, unlike Bitcoin, where the focus lies on maintaining the key 82,500-dollar support level and observing whether institutional demand will persist.
