‘Buy Deep Crypto’ searches jump to two-year high as Bitcoin (BTC) falls to monthly lows

TL; DR

Despite the recent decline in prices in the cryptocurrency market, including Bitcoin, some investors seem to be interested in buying opportunities, which is reflected in searches for “buy deep crypto”. On-chain metrics such as the MVRV ratio and changes in open demand suggest changes, indicating that it may be a good time to invest in the underlying digital asset.

Viewing the crypto crash as a buying opportunity

The cryptocurrency sector is in. condition of Today (May 1), the situation is intensifying in the last few weeks.

The global crypto market capitalization dropped to about $2.2 billion, while the value of Bitcoin He fell Below $57,000 for the first time since late February (according to CoinGecko). Popular altcoins including Solana (SOL), Dogecoin (DOGE) and Shiba Inu (SHIB) have fared worse, posting double-digit declines on a daily basis.

However, one Important Indicators Some investors remain unconcerned, seeing the current grim reality as a great opportunity to get into the crypto space at a discount. Searches based on Google Trends b The phrase “Buy Deep Crypto” Sharp to a level not seen since May 2022.

The general sentiment in the crypto market has been neutral for the first time in three months, spent in the “greedy” state. This could be another sign that the market has cooled down as participants' greed has subsided. As Warren Buffett said, “People should only be greedy when others are greedy and others are afraid.”

Optimism for Bitcoin (BTC) amid the crisis

as a Cryptopotato recently reportedmany on-chain metrics indicate jumping on the BTC bandwagon at the moment It can be the right choice. One example is the MVRV (market value to real value) indicator, which has been experiencing a decline since early April.

A score above 3.5 hints that Bitcoin's price is close to a peak, while a score below one warns of a downside. The MVRV ratio fell to 2.21 at the end of February, which is a blink. Buy a token for the original digital asset.

It is another main measure The open interest (OI) weighted funding rate, which experienced a positive shift on April 24, according to the cryptocurrency exchange Bitfinex, the activity shows an increase in interest in long BTC positions and a change in market sentiment from bearish to bullish.

Last but not least, we touch on the Bitcoin exchange. Net flow. The indicator was mostly negative last week, indicating a shift from central platforms to self-sustaining tactics. This It is considered Bullying because it immediately reduces sales pressure.