Looking at Bitcoin, Santiment sees a number of bullish on-chain metrics hiding behind the scenes for the largest crypto asset by market capitalization. According to company data, BTC is flying off exchanges at a rate not seen since 2018, which could suggest that another major liquidation event is less likely than the previous one. price action.
“In the midst of Bitcoin’s 10-week halving, its share of supply across exchanges has fallen to its lowest level since November 2018. Traders moving BTC to cold wallets continue and this milestone continues. suggests little risk of a continuation of the massive sell-off.”
Santiment also pointed out that Bitcoin whales, or entities with 1,000 to 10,000 BTC, have amassed more than 40,000 coins in the past two days, or about $1,689,160,000.
“Bitcoin has rallied again and is at +1000$ in the last 5 hours. Currently at $42.4k, this comes after the whale has accumulated another 40k BTC in just the past 2 days. They are now back in possession of the same amount from before their dumping started at $49,000. ”
At the time of writing, BTC is trading at $42,229.
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