[Analysis] "Bitcoin, on-chain indicators remain strong despite correction phase"

Despite continued weakness in the leading virtual asset (cryptocurrency) Bitcoin (BTC), some on-chain indicators still show positive signals for Bitcoin.

On the 1st (KST), an XWIN CryptoQuant contributor analyzed in a report, "Although Bitcoin has recently shown weakness, looking at Delta Cap and the Coinbase premium gap, Bitcoin's market structure is becoming increasingly solid."

First, according to the contributor, based on a Bitcoin price of US$108,900, Delta Cap is at US$739.4 billion. Delta Cap is an indicator that shows the difference between realized market capitalization and average market capitalization. The contributor explained, "The fact that Delta Cap is currently holding at US$739.4 billion means that Bitcoin is building a firmer base than in past correction periods," and added, "Even with short-term corrections, the market's resilience appears to be strengthening."

The Coinbase premium gap is recording +11.6. The Coinbase premium gap is an indicator that shows the price difference between the U.S. market (Coinbase) and the global market (Binance). The contributor said, "The fact that the current figure is positive indicates that demand from U.S. institutional investors is stronger than the global average," and said, "In fact, institutions are buying Bitcoin while paying a premium, which is an indicator suggesting a strong bull market will come."

The contributor evaluated, "Considering these two indicators together, Bitcoin currently appears to be stably holding above US$100,000," and "the recent correction can be seen as a buying opportunity rather than a bearish signal."