• According to MAC_D, an assessment of some on-chain indicators such as market-value-to-realized-value (MVRV), Net Unrealized Profit/Loss (NUPL), Puell Multiple, and Spent Output Profit Ratio (SOPR) showed that BTC had reached an undervalued level.
• CryptoQuant analyst Dan Lim found that there has been a shortage in coin accumulation by whales in the current bear market.
• According to Dan Lim, there has been a correlation between large movements in the market and increased deposits of BTC by the top 10 whales onto exchanges to protect their investments.

The recent bear market in the crypto space has been making it difficult for investors to make decisions. Analysts have been running various assessments to determine whether Bitcoin is undervalued or not. CryptoQuant analyst MAC_D recently released a report which showed that BTC had reached an undervalued level. This assessment was based on an evaluation of market-value-to-realized-value (MVRV), Net Unrealized Profit/Loss (NUPL), Puell Multiple, and Spent Output Profit Ratio (SOPR) indicators.

However, MAC_D also noted that it was difficult to determine the specific timing for purchasing the coin based on these metrics. He also referred to an earlier assessment made by another CryptoQuant analyst Lupin who said that when UTXO in profit and loss indicators crossed, it marked the bottom of the market during the past three BTC halvings. Unfortunately, this indicator has not yet been crossed, indicating that the price of Bitcoin may still have room to fall.

Whale accumulation has also been known to be a driving force for an increase in the price of an asset. CryptoQuant analyst Dan Lim, however, observed that there has been a shortage in coin accumulation by whales in the current bear market. He pointed out that there has been a correlation between large movements in the market and increased deposits of BTC by the top 10 whales onto exchanges to protect their investments. This could be a sign of capitulation or temporary surrender to market conditions due to macroeconomic factors, he concluded.

All in all, it appears that the king coin is still undervalued as per current market metrics and in order to make a profitable investment, one may have to wait for a cross in the UTXO indicator. Moreover, the lack of whale accumulation could be a sign of capitulation which could further drive down the price of Bitcoin. Investors should, therefore, be cautious when making investment decisions and evaluate their options carefully.