Who Is Really Selling Bitcoin? Analyst Uncovers The On-chain Dynamics
Bitcoin traded within a range-bound spell throughout March, with prices briefly rallying to $75,000 before falling back within the boundaries of the $63,000-$71,000 range. However, despite this, Bitcoin price struggles within this consolidation phase; the underlying dynamics are telling an interesting story concerning who the current distributors of Bitcoin are. Related Reading: Bitcoin Mining Not As Globally Decentralized As It Appears — Here’s Why Short-Term Holders Dominate Sell-Side Pressure In a QuickTake post on CryptoQuant, pseudonymous analyst TeddyVision reveals that, while price....
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On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year. Bitcoin Miners’ Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May. Related Reading: Dogecoin Flashes Major....
Curious behavior sees investors selling coins for less than they purchased them for, with Bitcoin still notionally in a bullish uptrend. Bitcoin (BTC) sellers’ losses are mounting as the BTC price downturn shows that some investors are panicking at current prices.Data from on-chain analytics firm Glassnode and trading suite Decentrader shows that in January, more and more BTC entities have been selling coins for less than they purchased them.On-chain loss selling now “consistent”While no one wants to sell an asset without profit, Bitcoin downtrends tend to see a certain cohort of market....
Starting in 2013 with a supply limit of 100 billion coins, Dogecoin eventually switched to an uncapped supply. The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE).Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics” and unlimited supply.Global inflation is driving Bitcoin’s (BTC) price higher but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday.“I’m actually not convinced,....
Ethereum’s brief upswing on Sunday was met with significant resistance at the $2,600 price, which triggered a bearish wave, pushing its price back to $2,360. While its price is demonstrating weakening momentum, reports show that several ETH key metrics have moved into positive territory. A Positive Turnaround For Ethereum’s Market Dynamics In a surprising turn […]
Did this Coin Metrics analyst uncover the key to the whole Alameda/ FTX story? Because let’s face it, it doesn’t make sense. Both of Sam Bankman-Fried’s businesses were extremely profitable. FTX was the world’s third-biggest exchange and growing, why would anyone risk killing that golden goose? There must have been an underlying cause. Did this Coin Metrics analyst uncover it in the on-chain data? He might have. Related Reading: Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT? The Head of R&D at Coin Metrics, Lucas Nuzzi, ends his thread with a warning: “Important to note....