As an experienced cryptocurrency market analyst, I have closely monitored the recent on-chain dynamics reported by Bitfinex Alpha. Based on the data presented, it appears that the crypto market’s correction phase is over, and we are now in a re-accumulation stage.
As a researcher studying the cryptocurrency market trends on Bitfinex, I’ve noticed some intriguing on-chain indicators. These signs suggest that the market correction may have come to an end, and investors are now in the process of re-accumulating their crypto holdings. Historically, this phase often precedes significant rallies in the market.
As a researcher, I’ve been closely monitoring the crypto market trends based on the most recent Bitfinex Alpha report. Notably, investors have been consistently purchasing bitcoin (BTC) and ether (ETH) at an escalating rate. This trend is further underscored by the behavior of Bitcoin and Ethereum exchange-traded funds (ETFs), which indicate a shift from market consolidation to re-accumulation. Additionally, the average transaction size on both Bitcoin and Ethereum platforms has been steadily increasing, providing further evidence of this market trend.
Consolidation Phase is Over
After Bitcoin reached its peak price of $73,700 around mid-March, some long-term investors chose to cash in their holdings, resulting in more Bitcoin being available for sale and causing a correction in the market. Prices dipped as low as $57,500 during this period.
In the consolidation phase, spanning over several weeks starting in April, Bitcoin ETFs experienced significant daily withdrawals amounting to an average of $148 million. Some analysts interpreted these outflows as a sign of micro-capitulation, yet they were subsequently reversed.
Sellers of Bitcoin have been running low, leading to a surge in buying activity. U.S. Bitcoin ETFs have experienced a renewed interest from buyers, with an average of $136 million in daily net inflows over the past two weeks. Although Grayscale’s GBTC has seen significant outflows, it has enjoyed a 15-day streak of purchases, buying approximately four times the amount of Bitcoin produced by miners each day.
BTC Exchange Reserves Plunge
As a crypto market analyst, I’ve noticed a shift in investing behavior among cryptocurrency investors. This is evident in the rising number of new accumulation addresses and the growing average transaction sizes for Bitcoin and Ethereum. Essentially, investors are actively buying more cryptocurrencies to add to their holdings.
As an analyst examining the accumulation addresses on both Bitcoin and Ethereum networks, I’ve observed some intriguing trends. Although prices have remained relatively stable and growth has been modest for these assets compared to previous months, there has been a significant surge in new accumulation addresses over the past month.
As a crypto investor, I’ve noticed that the market analysts at my preferred exchange have shared some insights about the current trend in the cryptocurrency market. They pointed out that despite the stable prices of crypto assets, there’s still a bullish sentiment among investors. Furthermore, they mentioned that the consistent leverage ratios across various networks indicate a well-balanced market with minimal extreme risks.
Over the past few months, the Bitcoin exchange reserve – representing the quantity of BTC kept in wallets used for trading – has witnessed a downward trend. According to cryptocurrency experts, this decrease is a positive sign since it decreases the amount of BTC up for grabs in the market. Conversely, an increase in the reserve suggests that more Bitcoin is available for sale. The decline commenced in February and has gained momentum lately as investors anticipate another surge in Bitcoin’s price.
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2024-06-04 13:44