$BTC hash rate hit an all-time high and miners seem to be accumulating bitcoins.
Network fundamentals are getting stronger, and those who make the network strong don't cash out Bitcoins to buy new mining rigs. They buy mining rigs with cash, not Bitcoin.
TL;DR: Long-term bullish
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
Network fundamentals are getting stronger, and those who make the network strong don't cash out Bitcoins to buy new mining rigs. They buy mining rigs with cash, not Bitcoin.
TL;DR: Long-term bullish
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
Binance sent 26k $BTC to $BTCB reserve address an hour ago. $BTCB is a Bitcoin-pegged token on the Binance chain.
Tx link | @cryptoquant_official
Tx link | @cryptoquant_official
ETH are leaving exchanges similar to what we saw unfold in 2017. Main difference - those ETH are less liquid.
From March 2017 to just after ETH's market top in January 2018... 9.75 million ETH left exchanges.
In the current bull cycle we've witnessed 6.5 million ETH exit exchanges. This comes to a 25% drop in exchange reserves.
This slow exodus of reserves goes unnoticed at first. But when demand picks up this lack of supply creates a leverage effect on price.
I liken it to a freight train building momentum (you can read it here)
Analyst: JarvisLabs | @cryptoquant_official
From March 2017 to just after ETH's market top in January 2018... 9.75 million ETH left exchanges.
In the current bull cycle we've witnessed 6.5 million ETH exit exchanges. This comes to a 25% drop in exchange reserves.
This slow exodus of reserves goes unnoticed at first. But when demand picks up this lack of supply creates a leverage effect on price.
I liken it to a freight train building momentum (you can read it here)
Analyst: JarvisLabs | @cryptoquant_official
Kimchi premium hit 20%
Reason tl;dr: you can sell BTC for the won in Korea but you can't get the USD out because of regulations. Thus, no arbitraging opportunities to drive down the price.
Analyst: Lex Moskovski | @cryptoquant_official
Reason tl;dr: you can sell BTC for the won in Korea but you can't get the USD out because of regulations. Thus, no arbitraging opportunities to drive down the price.
Analyst: Lex Moskovski | @cryptoquant_official
💯1
Are we in the market cycle high?
No.
When the market reaches its peak, everyone deposits BTC to exchanges to sell. # of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.
People are holding, not selling $BTC.
Analyst: Ki Young Ju | Save Chart | @cryptoquant_official
No.
When the market reaches its peak, everyone deposits BTC to exchanges to sell. # of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.
People are holding, not selling $BTC.
Analyst: Ki Young Ju | Save Chart | @cryptoquant_official
Some positive news on this red day.
Miners have been mostly holding their #Bitcoin since March. The MPI started at 2.87 on the 1st of March and from there fell sharply below the 0 marks.
This indicates that miners are rather accumulating than selling their $BTC = bullish.
Analyst: Blackbeard | @cryptoquant_official
Miners have been mostly holding their #Bitcoin since March. The MPI started at 2.87 on the 1st of March and from there fell sharply below the 0 marks.
This indicates that miners are rather accumulating than selling their $BTC = bullish.
Analyst: Blackbeard | @cryptoquant_official
The number of issuing events across all stablecoins is increasing and hit a year-high yesterday. Meanwhile, # of burning events is decreasing.
Live Chart | @cryptoquant_official
Live Chart | @cryptoquant_official
$BTC
People buying
HODLers aint selling
Miners aint selling
You do the math
Analyst: Josh Olszewicz | @cryptoquant_official
From all $BTC exchanges to BlockFi flow hit an all-time high when the price was 51k.
Exchange users deposited $BTC to BlockFi to earn interest and get ready for the next bull run.
h/t 미그놀렛
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
Exchange users deposited $BTC to BlockFi to earn interest and get ready for the next bull run.
h/t 미그놀렛
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
We added bank flows to demystify crypto banking services like BlockFi.
✅ # of BlockFi depositors is decreasing, but the average deposits are increasing.
✅ BlockFi's inflows have gone to Gemini's custodial wallet four times in the past year.
Live Chart | @cryptoquant_official
✅ # of BlockFi depositors is decreasing, but the average deposits are increasing.
✅ BlockFi's inflows have gone to Gemini's custodial wallet four times in the past year.
Live Chart | @cryptoquant_official
$BTC market is in the greedy stage.
How much leverage people bet in derivative trading can indicate investors' fear and greed. It has increased since February.
I'm not saying bearish, but I usually recommend buying when it's in the fear phase.
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
How much leverage people bet in derivative trading can indicate investors' fear and greed. It has increased since February.
I'm not saying bearish, but I usually recommend buying when it's in the fear phase.
Analyst: Ki Young Ju | Live Chart | @cryptoquant_official
Some reasons to remain bullish on #Bitcoin:
1) Exchange reserves are still declining, suggesting demand remains high & the supply shortage is still growing
2) Miner sell pressure is very low, not filling this gap
IMO this dip is mostly a technical correction, not fundamental
Analyst: Dilution-proof | @cryptoquant_official
1) Exchange reserves are still declining, suggesting demand remains high & the supply shortage is still growing
2) Miner sell pressure is very low, not filling this gap
IMO this dip is mostly a technical correction, not fundamental
Analyst: Dilution-proof | @cryptoquant_official
Whale Observation:
Whales seem to punt a long position by sending $BTC to derivatives exchanges from other exchanges when the price is at the bottom.
Each time this indicator hit the peak, the funding rate across all exchanges gets neutral.
Analyst: Ki Young Ju | Save Chart | @cryptoquant_official
Whales seem to punt a long position by sending $BTC to derivatives exchanges from other exchanges when the price is at the bottom.
Each time this indicator hit the peak, the funding rate across all exchanges gets neutral.
Analyst: Ki Young Ju | Save Chart | @cryptoquant_official
Over 4 million $ETH (~$11 billion) is now staked on Ethereum 2.0
Analyst: Unfolded | Live Chart | @cryptoquant_official
Analyst: Unfolded | Live Chart | @cryptoquant_official
NVT Golden Cross indicator hit a year low.
$BTC has upside potential from the perspective of the NVT valuation model.
Live Chart | @cryptoquant_official
$BTC has upside potential from the perspective of the NVT valuation model.
Live Chart | @cryptoquant_official
$ETH short liquidations across all derivative exchanges hit an all-time high.
(Note: This liquidation data only includes ETH/USDT, ETH/USD perpetual futures contracts.)
Live Chart | @cryptoquant_official
(Note: This liquidation data only includes ETH/USDT, ETH/USD perpetual futures contracts.)
Live Chart | @cryptoquant_official