On-Chain Update: Price Drop Causes And Long-Term Metrics
After a volatile week for bitcoin’s price, what can on-chain data tell us about the price drop, long-term HODLers, liquidity and more?Another volatile week in the books for bitcoin, with the price ranging between a new all-time high of $61,788 down to $53,221. There are several developments on chain that are worth diving into.Bitcoin Moved Off Of ExchangesBitcoin have continued to be pulled off of exchanges, now down 41,215 ($2.42 billion) in just the last 30 days. There are several factors that have been speculated to be the causes of this:Increase of awareness of the importance of cold....
Related News
Predicting the bitcoin bottom is something that is done with much fervor by investors in the space since it often means more profit if they can accurately catch the bottom. It often proves to be a difficult task but using blockchain metrics can provide some guidance. Presently, these blockchain metrics have fallen to new lows, […]
The Bitcoin price is lingering just under $19,000 at the time of writing, not far from the local low of $18,300. When the Consumer Price Index (CPI) and Producer Price Index (PPI) data was released last week, the BTC price plunged to just that price level. Unexpectedly for many, a very quick rebound happened, catching shorters off guard. With November 02 – when the FED meets again – in mind, the Bitcoin price doesn’t have much room to fall below that level at the moment. Moreover, a look at the on-chain suggests another crash is possible in the short term, although there....
Bitcoin remains on an upward trend after breaking through $40,000 once again. However, this upward trend has not translated onto on-chain metrics. While the price of the digital asset continues to sit in the green, on-chain metrics have plummeted paining an entirely different picture in relation to price. From miner revenues to transaction fees, the […]
Rare signals coming from derivatives markets echo the start of previous Bitcoin price run-ups, but a bearish retest of support could come first, says Decentrader. Bitcoin (BTC) has a “possibility” of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand.In its latest market update on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action.Derivatives turn complementaryAfter rallying above $45,500 on the back of United States economic data, BTC/USD has since dropped back into the range that has defined it this week.For....
According to data, bitcoin balances on exchanges are shrinking a great deal and have dropped to levels not seen in two years. Arcane Research detailed that charts showing the number of bitcoin leaving exchanges has seen a sharp decline and has been “one of the main stories of the year.” Meanwhile, onchain metrics indicate a number of older coins are being sold as bitcoin’s value increases. Bitcoin Held on Exchanges Drops by 21% Since February In 2020 there’s a lot of cryptocurrencies held on exchanges, however, the aggregate number of bitcoin (BTC) held on trading....