It seems crypto traders with a “now, now, NOW” mindset have been scooping up some profit on the latest surge, sending the price of BTC and more than several altcoins a little lower today.

That’s according to some Bitcoin-centric analysis from blockchain data analytics gurus Glassnode and Blockware Solutions.

The thing about that is, however, it’s regarded as a potentially bullish sign when considering a metric referred to as the short-term holders’ (STH) spent output profit ratio (SOPR).

Long story, er short, Bitcoin’s short-term investors appear to be making profit again, which is regarded as a good sign for potential continuation and bull-market conditions.

This tweet from the account “Ordinal Miners” shows the Glassnode chart…

… And by way of further explanation, according to a note in Blockware Solutions’ latest weekly newsletter:

“After a brief stint of coins moving at a loss, STH-SOPR is now back above 1. This is bullish for near-term price action as it shows capitulation from short-term holders.”

 

 Heavy Bitcoin mining tax to be blocked

A controversial Bitcoin mining tax proposal looks like it’s set to fall on the scrapheap amid the likelihood of the US debt ceiling raise agreement coming to fruition between the Democrats and Republicans.

The tax proposal put forth as part of Biden’s FY 2024 budget would have seen a 30% tax on electricity used by crypto miners. As you might expect, the crypto/Bitcoin mining industry, which the US dominates, has been a tad upset about the idea.

A tweet from Republican Congressman Warren Davidson noted that the debt-ceiling deal blocks “proposed taxes”:

 

Top 10 overview

With the overall crypto market cap at US$1.2 trillion, down about 1% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Bitcoin has pulled back below US$28k again but appears to have bounced off a level just below US$27.6k for the moment. Dip, retest support and continuation? Perhaps. But here’s a more technically analytical take that might suggest a further short-term pullback…

Meanwhile, here’s a confident large fish, or at least a swooping “birb” – Adrian Zduńczyk, a popular Bitcoin/crypto trader/analyst and founder of the trading group known as The Birb Nest…

 

Despite some renewed market confidence we’re seeing so far this week, however, as Collective Shift’s Matt Willemsen points out, May looks like being the first month so far this year in which the price of BTC will print a red candle. Not a massive one, mind…

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

PUMPERS (11-100 market cap position)

• Quant (QNT), (market cap: US$1.63 billion) +5%

• IOTA (MIOTA), (market cap: US$587 million) +5%

• Injective (INJ), (market cap: US$596 million) +4%

• Lido DAO (LDO), (market cap: US$1.9 billion) +3%

• The Graph (GRT), (market cap: US$1.13 billion) +1%

 

PUMPERS (lower, lower caps)

• Tenet (TENET), (market cap: US$11 million) +34%

• Artificial Liquid Intelligence (ALI), (market cap: US$98 million) +24%

• Everscale (EVER), (market cap: US$89 million) +19%

• Linear (LINA), (market cap: US$94 million) +18%

• Detijaru Tsuka (TSKUA), (market cap: US$50 million) +15%

 

SLUMPERS

• Optimism (OP), (market cap: US$507 million) -9%

• Render (RNDR), (mc: US$927 million) -8%

• Casper Network (CSPR), (mc: US$546 million) -6%

• Conflux (CFX), (mc: US$653 million) -6%

• Fantom (FTM), (mc: US$920 million) -5%

• Pepe (PEPE), (mc: US$601 million) -5%

 

SLUMPERS (lower, lower caps)

• COCOS BCX (COCOS), (market cap: US$96 million) -23%

• 0X0.AI (0X0), (market cap: US$45 million) -22%

• Lybra Finance (LBR), (market cap: US$21 million) -16%

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

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