In the cryptocurrency market, on-chain data and derivatives market dynamics indicate a clear divergence in investor behavior, while Bitcoin price remains range-bound with limited movement.

According to market data, Bitcoin #CryptoMarketSeesVolatility BTC( is trading at $68,094, showing a modest increase of 0.06% over the past 24 hours.

During this period, when the price is confined within a narrow band, the liquidations in the derivatives markets paint an interesting picture. A total of $109.16 million in liquidations occurred, with short positions accounting for $76.51 million, or 70.1% of the total, indicating that investors betting on upward movement have been more heavily impacted. Meanwhile, long liquidations stood at $32.65 million.

On the other hand, the Fear and Greed Index, which measures market sentiment, remains in the “extreme fear” zone at 8 points. The fact that the index has been similarly low at 11 yesterday, 14 last week, and 10 last month suggests that investors are generally risk-averse and approaching the market cautiously.

On-chain data shows that Bitcoin’s current price structure remains relatively strong. The “realized price,” which represents the average cost basis of all investors on the network, is at $54,200. The fact that Bitcoin is trading above this level indicates that the market is generally in profit and that this level could serve as a strong support.

Additionally, another key indicator suggesting the market is not excessively overheated in terms of valuation is the MVRV ratio, which is measured at 1.26. This value indicates that Bitcoin is neither excessively expensive nor historically cheap, but rather moving within a “balance” zone often considered as fair value. Experts note that an MVRV below 1 is seen as a strong buy signal, while levels above 3.7 point to a market bubble and potential peak risk.

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