- There was a sharp jump in the number of institutional investors.
- Fees collected by miners dropped 32% in the week.
In what was a sign of clear bullish sentiment, Bitcoin [BTC] worth nearly $540 million was pulled out of centralized exchanges over the last week. This, according to on-chain analytics firm IntoTheBlock, was the largest weekly net outflow since June 2023.
Typically, spikes in exchange outflows imply a short-term accumulation trend, likely motivated by expectations of higher returns in the future.
The trend also reflected investors’ preference to HODL rather than liquidate their holdings for gains. This was interesting considering that more than 94% of all Bitcoin entities were in profit as of this writing, according to AMBCrypto’s analysis of Glassnode’s data.
Source: Glassnode
What the traders are up to
Another telling indicator of a broader market accumulation was the jump in the number of institutional investors.
The number of unique entities holding at least 1k coins reached 1,670 at press time, an increase of 12% over the last month. This figure was also reminiscent of the early bull market period of 2021.
Source: Glassnode
As users focused on accumulation, transaction activity on the network declined. Bitcoin miners collected a little over $11 million in network usage charges in the last week, marking a 32% plunge.
In fact, a closer examination revealed a sharp decline in percentage of miner revenue derived from fees, dropping from 26% at the beginning of the year to 3.23% at press time.
Glassnode
This might not be a happy reading for miners guarding the first-generation blockchain, who will have to deal with a drop in block rewards following next month’s halving.
The king coin has been range bound in the last week, oscillating in a narrow zone between $51k and $52k, according to CoinMarketCap. The sideways movement was another sign that Bitcoin was getting accumulated.
Read BTC’s Price Prediction 2024-25
The market was “extremely greedy” at press time, as per AMBCrypto’s scrutiny of Hyblock Capital movement.
This suggested that more investors were bound to enter the market, eventually leading to an upward breakout.
Source: Hyblock Capital
- There was a sharp jump in the number of institutional investors.
- Fees collected by miners dropped 32% in the week.
In what was a sign of clear bullish sentiment, Bitcoin [BTC] worth nearly $540 million was pulled out of centralized exchanges over the last week. This, according to on-chain analytics firm IntoTheBlock, was the largest weekly net outflow since June 2023.
Typically, spikes in exchange outflows imply a short-term accumulation trend, likely motivated by expectations of higher returns in the future.
The trend also reflected investors’ preference to HODL rather than liquidate their holdings for gains. This was interesting considering that more than 94% of all Bitcoin entities were in profit as of this writing, according to AMBCrypto’s analysis of Glassnode’s data.
Source: Glassnode
What the traders are up to
Another telling indicator of a broader market accumulation was the jump in the number of institutional investors.
The number of unique entities holding at least 1k coins reached 1,670 at press time, an increase of 12% over the last month. This figure was also reminiscent of the early bull market period of 2021.
Source: Glassnode
As users focused on accumulation, transaction activity on the network declined. Bitcoin miners collected a little over $11 million in network usage charges in the last week, marking a 32% plunge.
In fact, a closer examination revealed a sharp decline in percentage of miner revenue derived from fees, dropping from 26% at the beginning of the year to 3.23% at press time.
Glassnode
This might not be a happy reading for miners guarding the first-generation blockchain, who will have to deal with a drop in block rewards following next month’s halving.
The king coin has been range bound in the last week, oscillating in a narrow zone between $51k and $52k, according to CoinMarketCap. The sideways movement was another sign that Bitcoin was getting accumulated.
Read BTC’s Price Prediction 2024-25
The market was “extremely greedy” at press time, as per AMBCrypto’s scrutiny of Hyblock Capital movement.
This suggested that more investors were bound to enter the market, eventually leading to an upward breakout.
Source: Hyblock Capital
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
where can i get cheap clomid tablets can i buy clomiphene without prescription where to get clomiphene without dr prescription can i order clomiphene for sale where can i get clomiphene without dr prescription can you buy clomid without insurance where to buy clomiphene no prescription
This website positively has all of the low-down and facts I needed to this subject and didn’t know who to ask.
buy azithromycin 500mg for sale – purchase sumycin pills buy metronidazole without a prescription
buy rybelsus without a prescription – cost cyproheptadine 4mg cheap periactin
buy generic propranolol for sale – order methotrexate 10mg sale methotrexate for sale
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
cost amoxil – generic amoxicillin buy combivent without a prescription
buy zithromax 250mg pill – nebivolol drug bystolic 20mg price
augmentin 375mg sale – atbioinfo buy ampicillin generic
nexium 40mg capsules – https://anexamate.com/ order esomeprazole pill
medex for sale online – coumamide order hyzaar pill
meloxicam us – https://moboxsin.com/ mobic order
order prednisone 40mg online – https://apreplson.com/ cost deltasone 20mg
male erection pills – https://fastedtotake.com/ best male ed pills
purchase forcan generic – https://gpdifluca.com/# diflucan 200mg price
lexapro uk – https://escitapro.com/# escitalopram 10mg uk
cenforce 100mg pills – cenforce 50mg over the counter brand cenforce 50mg
cialis 20 mg how long does it take to work – on this site vardenafil and tadalafil
cialis tablets for sell – https://strongtadafl.com/# buy cialis online usa
buy ranitidine 150mg without prescription – https://aranitidine.com/ ranitidine online order
order viagra by mail – https://strongvpls.com/ buy-viagra-now.net
This is a question which is virtually to my heart… Many thanks! Exactly where can I upon the acquaintance details an eye to questions? https://gnolvade.com/
More posts like this would make the blogosphere more useful. https://ursxdol.com/propecia-tablets-online/
Thanks for sharing. It’s top quality. https://prohnrg.com/product/priligy-dapoxetine-pills/