🔵 𝗢𝗡𝗖𝗛𝗔𝗜𝗡 𝗗𝗔𝗜𝗟𝗬 🔵 Onchain Summer is coming🔵

The NUPL index shows Bitcoin's unrealized profit to loss ratio. It surged more for Bitcoin than Ethereum after Bitcoin ETFs were approved. Bitcoin entered the euphoria phase earlier than Ethereum and remains in it while Ethereum has dropped below 0.5.

🔵 𝗢𝗡𝗖𝗛𝗔𝗜𝗡 𝗗𝗔𝗜𝗟𝗬 🔵 I recently minted this piece on Zora

After the Bitcoin halving miners are under significant pressure due to the halving of block rewards, which has greatly reduced their income. Currently their income has reached the level of the COVID crash in March 2020 (the black dotted line). An increase in the price of Bitcoin could return them to normalcy.

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A miraculous journey into the depth of Turkish culture and flavors. Do you prefer to experience Turkish kebab in a traditional restaurant or make it yourself? 🍽️🤔

📊 This chart shows the Profit/Loss (P/L) ratio of completed trades. Currently there are few short sellers in the short-term market and selling pressure has significantly decreased.

🔮Zora is a popular platform for NFT holders who typically use it to mint their digital assets. This platform is built on a Layer 2 blockchain aimed at providing easy access for users to their assets and reducing transaction costs.

🌟Bitcoin has officially processed over 1 billion transactions indicating significant growth and development in the Bitcoin network.

📊 The chart above compares the trading volume on centralized exchanges (CEX) with Bitcoin ETFs. 🔍 For example on the first day of May the trading volume reached $31.7 billion on CEX while the trading volume of Bitcoin ETFs was ten times lower reaching $2.9 billion.

In the past day, whales accumulated 47,000 bitcoins. Additionally today options trading for Ethereum and Bitcoin worth $2.4 million is set to expire forecasting an increase in market volatility.

🔴 Heavy Outflows from Bitcoin Spot ETFs 🔴 🔻 In the significant downturn the market experienced yesterday Bitcoin spot ETFs saw outflows of over $560 million. 🔻 If these outflows continue we may witness further decline in the price of Bitcoin towards lower levels.

🔷 Bitcoin broke below $59,000 support level as expected. Now it's crucial to find the right support zone for potential fluctuations. Considering recent strong downward candlesticks Bitcoin is heading towards $50,550 to $53,200 range possibly continuing its correction to this level.