Bitcoin (CRYPTO: BTC) held above the $66,000 level while Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Cardano (CRYPTO: ADA) and Chainlink (CRYPTO: LINK) maintained recent gains.
On-chain data suggests improving market sentiment but also an increasing risk of short-term profit-taking.
Not In Easy 'Buy Fear' Zone In an X post on July 21, Santiment data noted that the 30-day Market Value to Realized Value (MVRV) ratio for BTC, ETH, ADA, XRP and LINK has moved back above the neutral level.
The shift means traders who accumulated those assets over the past month are, on average, back in profit following Bitcoin's recovery above $65,000.
Santiment attributed the improvement to softer U.S. inflation data, improving risk appetite and renewed demand for spot Bitcoin ETFs.
