Building upon the momentum from last week's landmark developments, Kaspa continues to exhibit a cautiously optimistic market tone. The bullish sentiment spurred by Marathon Holding's mining announcement and the KRC20 BETA launch has evolved into a more nuanced market landscape. This week reveals a growing market with subtle adjustments. Increased activity among LTHs and strategic profit-taking are signs of a mature market where stakeholders are fine-tuning their positions amid rising valuations. Let’s delve into the metrics and their implications for the coming weeks.

Confidence Among Long-Term Holders Amid Market Adjustments

The Realized HODL Ratio (RHR), standing at the 85.20 percentile with a notable decline of 21.52%, suggests some profit-taking and a slight shift towards short-term holdings. Despite this shift, the Reserve Risk remains at a low 3.00 percentile, indicating robust confidence among long-term holders (LTHs). LTHs remain hesitant to sell, displaying resilience and a favorable long-term outlook for Kaspa.

Market Valuation Adjustments and Sustainability

The MVRV Z-Score, currently at the 42.00 percentile with a 16.65% decline, suggests that Kaspa's market valuation is realigning with its historical value. This recalibration fosters healthier, more sustainable market growth rather than speculative bubbles. A similar trend is echoed by the Net Unrealized Profit/Loss (NUPL) Ratio at the 33.80 percentile, indicating a market slowly veering away from euphoric highs toward a more stable trajectory.

Low Supply Movement and Increasing On-Chain Activity

The 90-Day Coin Days Destroyed metric at the 68.90 percentile, with a 27.78% rise, highlights the increased movement of older coins. This indicates a potential phase of strategic redistribution rather than panic selling, showing dynamic yet healthy market activity. Additionally, the Percent Supply in Profit 30-Day MA at the 68.40 percentile reaffirms a favorable profit landscape, reflecting growing investor confidence.

Continued Upward Momentum in Price Metrics

A persistent bullish trend is apparent in the price metrics:

• The 50-Day Moving Average (50DMA) continues its positive trajectory with a 21.49% rise, underscoring solid investor confidence.

• Spreads across the 100DMA, 200DMA, and 100WMA indicate ongoing buying interest and market stability.

• The Realized Price Spread's 10.80% climb further strengthens the market's bullish stance.

These metrics collectively convey that upward momentum remains strong, driven by continuous capital inflows and consistent performance across short—and long-term horizons.

Conclusion and Investor Implications

Kaspa's market exhibits a coherent bullish trend underpinned by solid long-term holder confidence and positive price metrics. While valuation recalibrations suggest a tempered optimism, the foundational sentiment remains robust and forward-looking. Investors are advised to maintain a vigilant yet optimistic outlook.

With a balanced blend of optimism and caution, Kaspa’s market outlook remains promising, paving the way for sustained growth and strategic investment opportunities.