Journalist
Posted:
- Compared to other countries, BTC deposits on U.S. exchanges have been increasing.
- BTC tapped $38,000 showing prospects of hitting $40,000 before 2023 closes.
Changpeng Zhao (CZ) stepping down from the helm of affairs at Binance may not be bad for Bitcoin [BTC] based on the movement of one metric.
When CZ resigned, many market players expected BTC price to have a severe nosedive. Though the coin dropped below $36,000, it recovered within a short period.
Unknown to many, that incident could be instrumental in Bitcoin’s quest for more upside. This inference was because of the U.S. versus offshore Exchange Reserve Ratio.
This on-chain metric tells us the ratio between the number of Bitcoins sitting on U.S. exchanges and foreign ones.
Not every departure is bad
When the U.S. versus offshore Exchange Reserve Ratio increases, it means that the number of Bitcoin deposits on exchanges is going up compared to the other party. If the metric decreases, it implies otherwise.
As of 21st November, the metric was -0.46. But at press time, it had increased to -0.44, according to AMBCrypto’s analysis of CryptoQuant data.
Source: CryptoQuant
In past cycles, the Bitcoin supply on U.S. exchanges rises before a bull run. When the bull run begins, the supply on these exchanges drops. So, it is likely that we are seeing history repeat itself.
Crypto sunmoon, a Korean on-chain analyst and author on Crypto Quant also backed this up saying:
“If the recent regulations on CZ and Binance lead to an increase in the percentage of bitcoin held on US exchanges, we will be ready for the next bull market.”
Before the jump in metric, there has been speculation that the U.S. government was bent on reducing the Binance dominance in the country. So, it may not be surprising that the deposits on exchanges based in the country increased.
Eyes on $40,000
Furthermore, BTC was already showing signs that it could be ready for a rally as its price crossed $38,000 on 24th November. The increasing market share of U.S. exchanges was also confirmed as true by the Korean Premium Index.
The Korean Premium Index shows the gap between Korean exchanges and other exchanges. At press time, the metric decreased, including fewer deposits by retail investors.
Source: CryptoQuant
If the index had increased, it would have implied that there was strong buying pressure from the Asian end. However, that was not the case. For the time being, the BTC Open Interest has been increasing.
Open Interest shows the amount linked to the open futures contracts in the market.
When the Open Interest is low, it means traders are closing their positions. But when it increases like it was at the time of writing, it suggests a rise in open contracts.
Source: Coinglass
Read Bitcoin’s [BTC] Price Prediction 2023-2024
Concerning the price action, the rising Open Interest alongside the increasing value implies that BTC has the potential for another rally.
In fact, some traders are targeting a $40,000 milestone for the coin before the year ends.
Journalist
Posted:
- Compared to other countries, BTC deposits on U.S. exchanges have been increasing.
- BTC tapped $38,000 showing prospects of hitting $40,000 before 2023 closes.
Changpeng Zhao (CZ) stepping down from the helm of affairs at Binance may not be bad for Bitcoin [BTC] based on the movement of one metric.
When CZ resigned, many market players expected BTC price to have a severe nosedive. Though the coin dropped below $36,000, it recovered within a short period.
Unknown to many, that incident could be instrumental in Bitcoin’s quest for more upside. This inference was because of the U.S. versus offshore Exchange Reserve Ratio.
This on-chain metric tells us the ratio between the number of Bitcoins sitting on U.S. exchanges and foreign ones.
Not every departure is bad
When the U.S. versus offshore Exchange Reserve Ratio increases, it means that the number of Bitcoin deposits on exchanges is going up compared to the other party. If the metric decreases, it implies otherwise.
As of 21st November, the metric was -0.46. But at press time, it had increased to -0.44, according to AMBCrypto’s analysis of CryptoQuant data.
Source: CryptoQuant
In past cycles, the Bitcoin supply on U.S. exchanges rises before a bull run. When the bull run begins, the supply on these exchanges drops. So, it is likely that we are seeing history repeat itself.
Crypto sunmoon, a Korean on-chain analyst and author on Crypto Quant also backed this up saying:
“If the recent regulations on CZ and Binance lead to an increase in the percentage of bitcoin held on US exchanges, we will be ready for the next bull market.”
Before the jump in metric, there has been speculation that the U.S. government was bent on reducing the Binance dominance in the country. So, it may not be surprising that the deposits on exchanges based in the country increased.
Eyes on $40,000
Furthermore, BTC was already showing signs that it could be ready for a rally as its price crossed $38,000 on 24th November. The increasing market share of U.S. exchanges was also confirmed as true by the Korean Premium Index.
The Korean Premium Index shows the gap between Korean exchanges and other exchanges. At press time, the metric decreased, including fewer deposits by retail investors.
Source: CryptoQuant
If the index had increased, it would have implied that there was strong buying pressure from the Asian end. However, that was not the case. For the time being, the BTC Open Interest has been increasing.
Open Interest shows the amount linked to the open futures contracts in the market.
When the Open Interest is low, it means traders are closing their positions. But when it increases like it was at the time of writing, it suggests a rise in open contracts.
Source: Coinglass
Read Bitcoin’s [BTC] Price Prediction 2023-2024
Concerning the price action, the rising Open Interest alongside the increasing value implies that BTC has the potential for another rally.
In fact, some traders are targeting a $40,000 milestone for the coin before the year ends.
where to get cheap clomid without dr prescription order generic clomiphene without insurance buy clomiphene without prescription clomiphene prices in south africa cost of cheap clomid without insurance can you buy generic clomiphene without a prescription where to buy clomiphene without prescription
zithromax where to buy – order zithromax 250mg for sale metronidazole 200mg pills
semaglutide cheap – buy semaglutide 14 mg pill purchase periactin
order generic motilium 10mg – cost sumycin flexeril 15mg for sale
buy inderal 10mg generic – clopidogrel over the counter order methotrexate pills
purchase amoxicillin generic – amoxicillin drug combivent price
buy zithromax online – nebivolol 5mg oral bystolic 20mg ca
cheap clavulanate – https://atbioinfo.com/ acillin usa
nexium 40mg price – https://anexamate.com/ buy nexium without prescription
coumadin 5mg for sale – blood thinner buy cozaar pills
cheap mobic 7.5mg – https://moboxsin.com/ cheap meloxicam
buy prednisone 20mg pill – https://apreplson.com/ buy deltasone 20mg pills
ed pills that work quickly – best ed pills at gnc buy ed pills us
amoxil medication – combamoxi.com order amoxicillin generic
cheap cenforce 50mg – https://cenforcers.com/# buy cenforce 100mg for sale
cialis side effect – fast ciltad buying cialis without prescription
cialis online without a prescription – https://strongtadafl.com/# prescription free cialis
buy cheap ranitidine – https://aranitidine.com/ zantac 150mg oral
sildenafil 100mg price india – https://strongvpls.com/# 100mg viagra
The thoroughness in this draft is noteworthy. efectos adversos de lasix
I am in point of fact happy to coup d’oeil at this blog posts which consists of tons of of use facts, thanks towards providing such data. https://buyfastonl.com/furosemide.html
More articles like this would remedy the blogosphere richer. https://ursxdol.com/propecia-tablets-online/
This is the stripe of serenity I have reading. https://prohnrg.com/product/metoprolol-25-mg-tablets/
More posts like this would persuade the online space more useful. https://aranitidine.com/fr/levitra_francaise/
Thanks towards putting this up. It’s well done. https://ondactone.com/product/domperidone/
Thanks on putting this up. It’s evidently done.
order topiramate 100mg without prescription
The depth in this tune is exceptional. http://www.gtcm.info/home.php?mod=space&uid=1158217
order forxiga sale – forxiga brand forxiga 10mg us
buy generic xenical online – order orlistat generic buy orlistat pill