$BTC investment trend in December 2022 viewed from On-Chain

BTC-investment-trend-in-December-2022-viewed-from-On-Chain

1) Realized Price
As of December 31st, the Realized Price was 19809 USD, and the period above the Realized Price during the Q4 period was November 4th and 5th, which is one of the clear evidence that the bear market continued.

2) MVRV Ratio
Since the '$LUNA' issue, it has not been able to get out of the undervalued section significantly, and Interpreting this, it means that investment sentiment is still very low, and that the attractiveness of low-priced purchases is also declining as time goes by, which is a double whammy.

3) Trading Volume (Spot VS. Derivative)
Over the past two years, the impact and growth power of the market caused by leverage has been enormous, but we are experiencing side effects as the risk of leverage is maximized through various incidents.

In short, during the bull market in 2021, when the spot trading volume was 1, the derivative trading volume rose to the 7-10, whereas the current trading volume has shrunk to the 2-3.