The True Extent of MANA & APE’s Bitcoin Correlation

Crypto analysts have different opinions on whether June’s bear run bottomed as bullish strength appeared to fade in the digital currency space.

With the overall crypto market cap standing at $1.07 trillion during this publication, all digital tokens surged a mere 1% this week. Contrarily, this number stood at 6% during July’s initial trading week.

While publishing this content, Bitcoin attempted to cement its position beyond the $23K mark. Meanwhile, the world’s largest crypto affects most digital tokens’ price actions (due to correlations).

That means Bitcoin’s performance is crucial for the broad market outlook. Meanwhile, BTC didn’t see much within the past seven days.

CryptoWatch’s data shows the leading metaverse coins, Decentraland (MANA) and ApeCoin (APE), have an optimistic correlation with Bitcoin. Therefore, the altcoin didn’t experience much traction during the week.

MANA & APE Will Follow BTC

The past seven days saw key Bitcoin stakeholders trimming their BTC holdings. The large wallet cohort holding 10K and 10M Bitcoins shed a portion of their BTC stash.

The category noted a 1% slump in holdings within the mentioned timeframe. These addresses now hold 2.95 million Bitcoins.

For ApeCoin, addresses with between 10,000 and 10,000,000 APE tokens controlled 941.97 million assets at this publication. The number hovered at 945.09 million seven days ago, indicating a 0.33% slump in APE’s whale holdings.

Meanwhile, crucial shareholder holdings increased to the 814.02M MANA coins on August 1 before declining by 0.5%. The figure hovered at 810.3 million during this publication.

Meanwhile, Bitcoin has gained 9% within a 30-day timeframe. Meanwhile, some investors capitalized on the asset’s 30-d MVRV hike to +2.364, making impressive returns.

APE followed the same road to record a 41% price surge within the previous month, and its MVRV (30-day) increased to 10.04%. That confirms significant holders enjoyed profits.

The case was similar for MANA, as the alt gained 14% over the past 30 days. Its monthly MVRV remained positive at 8.109% during this publication.

Meanwhile, MANA and BTC noted negative weighted sentiments during this publication. With -0.52 on August 5, MANA saw its lowest within the past 30 days.

On the other side, ApeCoin presented an optimistic weighted sentiment at 0.921. Moreover, the altcoin’s figure stood at 1.96 on August 2. That represented the highest number over the past three months.

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