Market Dashboard Summary January 30 2024

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Jan 30, 2024

This week we’ve added a 7-day column that shows last week’s value. This will allow the viewer to quickly compare from one release to the next for a given metric. The change column is marked “Change 30” for a 30-day change or “Change 7” for a 7-day change.

Overall, our dashboard shows a more bullish count this week with two net metrics flipping bull from bear or neutral. Notable metrics:

1. MVRV Z-score, which measures over- versus undervalued metric comparing market cap and realized cap, has resumed a proper value for this stage in the cycle.

2. Reserve Risk, representing holder confidence, goes lower, meaning more confident, and signals cyclical bottoms. We are still solidly in early-bull market territory.

3. Puell and Mayer Multiples resumed a proper value for this stage in the cycle.

4. Price regained the 50-day moving average. The 100-day protected short-term holders (STH). The STH Realized Price was held, avoiding a significant and lengthy pull-back from weak hands. Overall, straight price metrics are the most bullish segment.

5. Options 25 Skew measures optimism versus pessimism, and flipped from positive to negative this week. Perps Funding Rate rose to 9%, meaning longs are significantly more expensive than shorts.

6. Fund Flows dipped way into the negative this week, with GBTC outflows being overrepresented in our opinion.