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Bitcoin (BTC) is showing bullish signs for an upward move and currently is in a positive price trajectory and holding strong above a crucial support level. BTC has faced extreme volatility recently, triggered by several macro factors, but it has regained its ground and is poised for the next leg up. Bitcoin has been trading […]
On-chain data shows that the Bitcoin exchange whale ratio has taken a plunge recently. Here’s why this may be bullish for the asset’s price. Bitcoin Exchange Whale Ratio Has Registered A Sharp Decline Recently As pointed out by an analyst in a CryptoQuant post, the selling pressure in the market may be diminishing right now. [...]
The post Bitcoin Bullish Signal: Exchange Whale Ratio Plunges appeared first on Crypto Breaking News.
On-chain data shows Bitcoin whales have accumulated $1.4 billion in the asset during the last two weeks, a sign that could be bullish for the coin. Bitcoin Whales Added 70,000 BTC To Their Holdings In Two Weeks As pointed out by an analyst on Twitter, BTC whales have been showing accumulation behavior recently. The relevant indicator here is the “Bitcoin Supply Distribution,” which is a metric from on-chain analytics firm Santiment that tells us which wallet groups in the market are holding what amount of the crypto right now. Wallets are divided into these groups based on the total number of coins they are holding currently. For example, the 10-100 coins cohort includes all wallets that are carrying a balance of at least 10 and at most 100 BTC. The Supply Distribution metric for this specific group would then show the combined number of coins that are present in these wallets at the moment. Related Reading: This Metric Suggests Bitcoin Could Be In Danger Of Another Selloff In the context of the topic at hand, the wallet group of interest is the 1,000-10,000 coins group. Here is a chart that shows the trend in the Supply Distribution for this Bitcoin cohort over the past month: The value of the metric seems to have observed some rise in recent days | Source: Ali on Twitter The 1,000-10,000 coins wallet group is an important cohort for BTC as it includes addresses belonging to the whales. Since the balances of these investors are huge (the lower and upper bounds of the range convert to $22.9 million and $229 million, respectively, at the current exchange rate), movements from this cohort may sometimes have visible effects on the price of the crypto. As can be seen in the above graph, the amount of Bitcoin being held by the whales was going down during December, suggesting that these humongous holders were selling their coins then. At the start of this year, however, the metric bottomed out and since then this cohort has shown net accumulation behavior. Interestingly, while this buying from the whales has taken place, the price of the crypto has observed a sharp rally. Around five days ago, this BTC rally saw its first significant pullback and from the chart, it’s visible that these investors participated in some selling around it. Related Reading: Bitcoin Bulls Keeps Pushing, Why BTC Price Increase Isn’t Over Yet In the last few days, however, the 1,000-10,000 BTC wallet group has again done some buying as their Supply Distribution curve has once more spiked up. Following this latest accumulation, BTC has again caught a sharp uptrend as the price of the coin has now surged to almost $23,000. In all, these whales have added more than $1.4 billion worth of coins to their holdings in the last couple of weeks, taking their total holdings to 4.62 million BTC ($105.8 billion). BTC Price At the time of writing, Bitcoin is trading around $22,900, up 10% in the last week. Looks like the value of the crypto has been moving sideways just below the $23,000 level recently | Source: BTCUSD on TradingView Featured image from Todd Cravens on Unsplash.com, charts from TradingView.com, Santiment.net
On-chain data shows small Bitcoin holders have accumulated recently while whale holdings have decreased, a sign that may be bullish in the long term. Bitcoin Investors With 0-1,000 Coins Have Increased Their Holdings Recently As a Twitter user has pointed out using data from Santiment, holders with wallet amounts in the 0-1,000 coins range have aggressively accumulated at recent lows. The relevant indicator here is the “Bitcoin Supply Distribution,” which tells us which wallet groups are holding what percentage of the total supply right now. Wallets (or more simply, holders) are divided into wallet bands based on the number of coins they are holding at the moment. For example, the 1-10 coins cohort includes all addresses that are currently carrying at least 1 and at most 10 BTC. The Supply Distribution metric for this group measures the collective balance of all the wallets falling inside this range. Related Reading: What Makes Big Eyes Coin, Bitcoin Cash, And Solana Better Than Most Preceding Projects? Now, here is a chart that shows the trend in the Bitcoin Supply Distribution data for the 0-1,000 coins and 1,000-1,000,000 coins bands: Looks like the values of the metric for the two groups have moved oppositely to each other in recent days | Source: ?igMak on Twitter As you can see above, the Bitcoin Supply Distribution curve for the 1,000-1,000,000 coins band has observed a sharp decline recently. The holders belonging to this group are the whales, which means that the percentage of the supply held by these humongous holders has been going down, suggesting that they have been capitulating during this deep bear market. The supply share held by the 0-1,000 coins group, on the other hand, has rapidly increased recently, implying that retail investors have been accumulating large amounts during the recent lows in the price of the asset. From the chart, it’s apparent that such a pattern was also seen during the 2018/2019 bear market, albeit the scale of movement from both these groups was much smaller. Interestingly, this trend only formed in that bear after the cyclical low was already in for BTC. Related Reading: Bottom Signal: This Bitcoin Ratio Declines To Four-Year Low Thus, if history is anything to go by, this recent accumulation from the 0-1,000 coins group could help Bitcoin form the bottom for the current cycle (if it’s not already in), and therefore reverse the coin towards a bullish trend in the long term. BTC Price At the time of writing, Bitcoin’s price floats around $16,800, up 1% in the last seven days. Over the past month, the crypto has gained 2% in value. The value of the crypto seems to still be stuck in a sideways trend | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net
On-chain data shows the Bitcoin exchange whale ratio has sharply declined recently, a sign that may prove to be bullish for the price of the crypto. Bitcoin 7-Day MA Exchange Whale Ratio Has Rapidly Gone Down Recently As pointed out by an analyst in a CryptoQuant post, the metric also saw a similar decline during the end of 2018. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten transactions going to exchanges, and the total exchange inflows. The ten largest transfers to exchanges are assumed to be coming from the whales. So, this ratio tells us what part of the total exchange inflows is being contributed by these humongous holders right now. When the value of this metric is high, it means the majority of the inflows are made up by whales currently. Since one of the main reasons investors deposit to exchanges is for selling purposes, such values could be a sign that whales are dumping large amounts, and might hence be bearish for the price of the crypto. Related Reading: Glassnode: Bitcoin Holders Realized 14x More Losses Than Profits Recently On the other hand, the indicator having low values suggests whales are making a healthier contribution to the inflows, and could thus be either neutral or bullish for the value of BTC. Now, here is a chart that shows the trend in the 7-day moving average Bitcoin exchange whale ratio over the last few years: Looks like the 70-day MA value of the metric has been sharply falling off in recent weeks | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio had a pretty high value just a few months back. However, since then, the indicator has been observing some rapid downtrend, and the ratio has now attained quite tame values. Related Reading: Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market? This means that whales have been reducing their inflow volumes recently, suggesting that selling pressure from them may be getting exhausted. The quant has also highlighted the trend in the exchange whale ratio during the previous Bitcoin cycle in the chart. It seems like a similar downtrend as now was also seen back in late 2018, when the bottom of that bear market formed. The analyst notes that while it’s impossible to say if the current sharp decline in the whale ratio means the bottom is in for this cycle as well, it’s likely that at least the volatility will now begin to cool down. BTC Price At the time of writing, Bitcoin’s price floats around $16.8k, down 1% in the last week. BTC has declined during the past day | Source: BTCUSD on TradingView Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com
On-chain data shows the Bitcoin whales have accumulated 84,897 BTC during the last five weeks, something that could be bullish for the price. Bitcoin Whales Have Been Growing Their Holdings Recently According to data from the on-chain analytics firm Santiment, when whales last accumulated like this, the price jumped about 34%. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount (as well as the percentage) of the Bitcoin supply that each wallet group in the market is holding currently. The addresses on the network are divided into these wallet groups based on the number of coins that they are carrying in their balances at the moment. The 10-100 coins cohort, for instance, includes all addresses that are holding at least 10 and at most 100 BTC currently. Naturally, if the Supply Distribution is applied to this specific group, it would measure the amount of the supply that wallets satisfying this condition are holding as a whole. Now, in the context of the current discussion, the Bitcoin cohort of interest is the “whale” group. Whales are humongous entities that carry at least 1,000 BTC ($26.8 million at the current exchange rate) and at most 10,000 BTC ($268 million) in their wallets. This means that the 1,000-10,000 coins group is of relevance here. The below chart shows the trend in the Bitcoin Supply Distribution for this particular cohort over the past year: The value of the metric seems to have been on the rise in recent days | Source: Santiment on Twitter As displayed in the graph, the Bitcoin Supply Distribution for the whale group has observed an overall uptrend recently. During the last five weeks, these humongous investors have added around 84,897 BTC to their holdings, which is worth around $2.2 billion. Related Reading: PEPE Unlikely To Be As Big As DOGE & SHIB, Says Santiment Generally, the behavior followed by the whales can be something to watch out for, as their massive holdings mean that they have the potential to cause noticeable ripples in the market through their moves. An example of this can be clearly seen in the chart. In the leadup to and during the rally back in January of this year, the whales displayed a trend of accumulation and grew their supplies by around 71,690 BTC. While this accumulation occurred, the price of Bitcoin started its surge and had risen by more than 34% by the time the whales slowed down their buying spree. This trend highlights how the buying pressure from this cohort can help the price go up. Related Reading: Historical Crossover Suggests Ethereum (ETH) Top Is In Since the whales have started their latest accumulation cycle, however, the price has only declined or moved sideways so far. But given that these holders are continuing to expand their reserves, it suggests that they think the current relatively low prices provide a good buying opportunity. It’s unknown when this bullish conviction held by the whales might translate to the price, but the trend could be a positive sign for the long-term sustainability of the rally. BTC Price At the time of writing, Bitcoin is trading around $26,700, down 2% in the last week. BTC has moved sideways recently | Source: BTCUSD on TradingView Featured image from Vivek Kumar on Unsplash.com, charts from TradingView.com, Santiment.net
On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) is forming a golden cross, a sign that could be bullish for the price. Bitcoin NUPL 60-Day MA Has Crossed Above 365-Day MA An analyst in a CryptoQuant post pointed out that this crossover pattern has been repeated multiple times since 2013. The “Net [...]
The post Bitcoin Bullish Signal: NUPL Is Forming A Golden Cross appeared first on Crypto Breaking News.
Bitcoin has had a volatile week, with its price fluctuating between a local high of $69,500 and a low of $65,000. Following weeks of strong bullish momentum, the market has now cooled, and BTC is consolidating just below the crucial $70,000 level. This key threshold is seen as a trigger for intensified buying pressure if Bitcoin manages to break above it. Related Reading: Solana Breakout From Bullish Pattern Could Send SOL To The Moon Crypto Analyst According to CryptoQuant data, theres still room for further growth, as short-term holder (STH) coins are trading at a 6.2% net asset value (NAV) premium. This premium is often viewed as a gauge of market sentiment, reflecting the optimism of short-term holders who are willing to pay above the current market value to acquire Bitcoin. A higher NAV premium generally suggests that investors expect continued price appreciation and are positioning themselves for future gains. As BTC stabilizes in its current range, all eyes are on the $70,000 mark as a potential breakout level that could pave the way for a fresh rally. With positive market sentiment and supportive data, Bitcoins outlook for the coming weeks remains encouraging, fueled by both technical signals and strong buyer interest. Retail Buying Bitcoin (Again) Bitcoin is experiencing growing demand from short-term holders as its price consolidates below key supply levels, close to all-time highs. Analyst Axler Adler recently shared critical insights on X, showing that Bitcoins net asset value (NAV) premium among short-term holders has climbed to 6.2%. This 6.2% NAV premium indicates that Bitcoins current market price is trading 6.2% above the average acquisition cost for short-term holders. Essentially, these investors are valuing Bitcoin at a premium, suggesting optimism about the potential for further gains. Adler explains that this metric acts as a bullish signal, highlighting room for continued price growth. An NAV premium of 25% or higher typically points to an overheated market, implying that demand has yet to reach excessive levels. According to Adlers analysis, the NAV premium is an important gauge of market sentiment. A moderate premium like 6.2% reflects healthy demand among short-term holders, aligning with an accumulation phase rather than a peak. This is especially relevant as Bitcoins price consolidates under significant resistance levels, potentially setting the stage for a breakout. Related Reading: On-Chain Indicator Signals Bitcoin Cycle Top Is Far Ahead Data Confirms Bullish Outlook Bitcoins consolidation below its key supply levels and rising demand among short-term holders reflects a favorable environment for potential price appreciation. If short-term holder demand continues to grow, it could fuel BTCs ascent to new highs. The balance between premium demand and manageable NAV levels could signal sustained upward momentum. There is a potential rally on the horizon if buying pressure strengthens at current levels. Technical Level To Watch Bitcoin is trading at $66,900 after establishing solid support around $65,000. The price action signals resilience as it consolidates above this crucial level. This support around $65,000 marks a significant pivot, as holding above it reflects underlying strength and fuels optimism among investors. However, for Bitcoin to keep bullish momentum, a push above $70,000 is essential to confirm the uptrend. If Bitcoin loses the $65,000 level, analysts foresee a retrace toward the 200-day moving average (MA) at $63,274. This level is relevant as a long-term support zone. A pullback to this area could attract new buyers, reinforcing it as a major support if tested. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally Investors view the 200-day MA as a key anchor for Bitcoins bullish structure. If BTC can hold above $65,000 and eventually break $70,000, it would indicate a continuation of the current bullish phase. Conversely, a dip below these supports would shift focus to the 200-day MA. Holding above this moving average is crucial to prevent a bearish reversal. Featured image from Dall-E, chart from TradingView
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