Market Dashboard Takeaways 6/2/2024
We are continually working to make these dashboards better. Feedback is welcome. What would you like to see? How would you present the data differently?
Overall, our market dashboard is decidedly more bullish this week, with two fewer on the Bear count, and one more in the Bull count. Notable metrics include:
1. MVRV Z-score compares market cap to realized market cap, the higher it goes the more overheated the market is. Reserve Risk represents holder confidence with lower meaning more confident, and we continue to see this metric go lower, signaling we are still solidly in early-bull market territory. The falling MVRV matches a falling Reserve Risk pointing to lower overall risk of a big sell-off.
2. Mayer Multiple is the price relative to 200 DMA, it is cooling off, which when taken in context with Reserve Risk means buying is becoming more attractive for the more risk averse investor.
3. The 50 and 100 DMAs remain above STH Realized price. STHs tend to be weaker hands, so technical support above weak hands lowers the general risk of a sell-off. Overall, straight price metrics are the most bullish segment.
4. Options 25 Skew measures optimism versus pessimism, and it is back into positive territory this week. Perps Funding Rate is overheated at 7%, meaning longs are significantly more expensive than shorts. Quarterly futures premium is holding strong, showing confidence in higher prices.
5. Fund Flows flipped again this week, after a big negative number last week. YTD Bitcoin has seen $1.4 billion net inflow, including GBTC outflows.
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