- Multiple datasets revealed that investors were accumulating BTC while its price dipped
- BTC’s miners revenue remained high, as did its hashrate
Altcoins have been having a hard time of late while Bitcoin’s [BTC] price has remained comparatively stable. Glassnode and Santiment’s data revealed that investors have been highly confident in BTC, which was evident from their accumulation trend. In the coming week, should we expect BTC’s price to follow that of altcoins’, or will BTC change the market trend?
Read Bitcoin’s [BTC] Price Prediction 2023-24
Bitcoin holders are being patient
Glassnode’s tweet revealed that the percentage of BTC long-term holder supply sent to exchanges remains extremely low at 0.004%. As per the same, this highlights the inactivity of the cohort amidst elevated market distress, remaining indifferent to the Binance and Coinbase regulatory changes.
The percentage of #Bitcoin Long-Term Holder Supply sent to Exchanges remains extremely quiet at 0.004%.
This highlights the profound inactivity of the cohort amidst elevated market distress, remaining indifferent to the #Binance and #Coinbase regulatory charges. pic.twitter.com/yWfdQHu4Ca
— glassnode (@glassnode) June 11, 2023
In addition to that, BTC whales have also been showing immense confidence in the king of cryptos. Santiment’s chart pointed out a bullish divergence in BTC’s accumulation chart. Investors continued to increase their holdings while BTC’s price suffered blows.
Whale activity has risen on a daily basis too. To be precise, whales are collectively adding more than 1,000 BTCs back to their wallets daily.
🐳 As #altcoin madness has ensued, there quietly is a #bullish divergence between #Bitcoin‘s accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur. https://t.co/Ol0cK5VhPE pic.twitter.com/FeHPqqJx7o
— Santiment (@santimentfeed) June 11, 2023
Is this increase in accumulation an aftermath of the altcoin market crash, or is it hinting that BTC is setting up its next bull rally?
A flourishing mining industry
Amidst this chaos, BTC’s mining industry has continued to grow.
For instance, as per YChart’s data, BTC’s hashrate was hovering near its all-time high, which it reached on 1 May 2023. At press time, the figure for the same stood at 415.14M TH/s. Another good piece of news for BTC’s mining industry is that its miners’ revenue has remained relatively high.
Source: Glassnode
BTC to cross $26,000 soon?
At the time of writing, the king coin was down by more than 3% in the last seven days and was trading at $25,805.83. A few of the metrics lent credence to the possibility of BTC’s price bouncing back.
For instance, the coin’s exchange reserve has been decreasing, suggesting that it is not under selling pressure. Bitcoin’s aSORP was green too, which typically signals a market bottom. However, Bitcoin’s taker buy/sell ratio was red, revealing the dominance of selling sentiment in the derivatives market.
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A closer look at Bitcoin’s derivatives market
As per Coinglass, BTC’s open interest declined slightly over the last few days, suggesting that the current price trend might change. However, if BTC’s long/short ratio is to be considered, things have not been looking good.
In fact, the metric recorded a decline, which generally means that bearish sentiment is dominant.
Source: Coinglass