Nansen Analyst: Bitcoin Cow has not yet been identified

According to Nicolai Søndergaard, a Nansen analyst, Bitcoin has increased by about 22 per cent over the past month, but new cattle markets have not yet been identified owing to the inflow of vulnerable cash, the fragmentation of whale positions and the outflow of ETF funds. Although the market structure of Bitcoin improved after a 22 per cent monthly recovery, several mobility indicators still do not support its entry into the identified cattle market phase. According to Søndergaard, recent data are poor, BTC transaction prices are below the 7-day average and short-term kinetic energy remains weak. During the past week, the marking entity tracked by Nansen sent a net of 3,700 BTCs to the exchange, which, according to the analyst, could increase the stock on the exchange before the sale, limiting his confidence in the rebound. The United States-listed spot bitcoin ETF recently recorded an outflow of approximately $236 million. Nevertheless, Søndergaard believes that the market still needs a sustained demand for off-the-shelf goods in order to see this rebound as a lasting cyclical transformation。