Bitcoins Supply On Exchange Tightens: Could a New Bull Run Be Just Weeks Away?

According to market signals that have historically preceded major price rallies, Bitcoin is gearing up for its next potential bull run. A CryptoQuant analyst named ‘Tarek’ has recently highlighted key indicators in a post on the CryptoQuant QuickTake platform, suggesting that Bitcoins price might soon experience a significant upward movement. These indicators include declining Bitcoin reserves on [...]

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Bitcoin Continues To Exit Exchanges As Supply Drops To New 2024 Low

On-chain data shows the Bitcoin supply sitting on exchanges has reached a new low for the year as investors continue to withdraw their coins. Bitcoin Exchange Reserve Has Been Riding A Downtrend Recently As explained by an analyst in a CryptoQuant Quicktake post, the BTC Exchange Reserve has continued its drawdown recently. The “Exchange Reserve” [...]

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Bitcoin Plummets To $59,000, On-Chain Data Reveals Why

Bitcoin has observed a plunge to the $59,000 level during the past day. Here’s what could be behind it, according to on-chain data. Bitcoin Exchange Inflow Spiked Just Before The Crash In a new post on X, CryptoQuant Head of Research Julio Moreno discussed the latest trend in Bitcoin Exchange Inflow. Exchange Inflow is an on-chain metric that tracks the total amount of assets being transferred into the wallets of centralized exchanges. Investors deposit many coins on these platforms when this indicator’s value is high. One of the main reasons holders may transfer to exchanges is for selling-related purposes so this trend can have bearish consequences for BTC’s value. Related Reading: Litecoin Sees Sudden Exodus Of Retail Investors: Why This Can Be Bullish On the other hand, the low metric implies holders aren’t moving that many coins from self-custody into exchanges, which, depending on whether outflows are also occurring, can potentially be bullish for the cryptocurrency. Now, here is the chart shared by Moreno that shows the trend in the Bitcoin Exchange Inflow over the past few days: As displayed in the graph at the top, the Bitcoin Exchange Inflow saw some notable spikes in the lead-up to the latest price plunge. The version of the indicator in the chart is specifically for the spot platforms, so selling was likely the goal of the investors making these deposits. The CryptoQuant head has also attached the data for another metric: the Spent Output Value Bands version of the Exchange Inflow, under the chart for the Exchange Inflow. This indicator shows how the Exchange Inflow breaks down according to the transactions’ size. In the graph, Moreno has specifically highlighted the 1,000 to 10,000 BTC value band, corresponding to addresses carrying between 1,000 and 10,000 tokens in their balance. Investors of this scale are popularly known as the whales and are considered among the market’s most influential entities. As the chart shows, the Exchange Inflow for these large Bitcoin holders also spiked alongside the spikes in the general metric, implying that the whales contributed to some of the deposits. Related Reading: Solana, Ethereum Attract Traders Amid Bitcoin Open Interest Plunge Given the timing of the inflows made by these humongous investors, it’s probable that this selling was partially responsible for the bearish price action the cryptocurrency witnessed during the past day. As such, the indicator could be worth monitoring shortly, as more large deposits could suggest that the Bitcoin sellers aren’t done yet. BTC Price At the time of writing, Bitcoin is floating around $59,900, down almost 4% over the last 24 hours. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Large transactions drive Bitcoin withdrawal from exchanges

Monitoring the supply of Bitcoin held on exchanges is important because significant changes in the metric are very good at reflecting market sentiment. When the supply of Bitcoin on exchanges rises, it indicates that the market is ready to trade and take advantage of short-term opportunities. Conversely, when Bitcoin has moved off exchanges, it usually […]

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Bitcoin exchange inflow has fallen sharply in August CryptoQuant

Exchange inflows gauge potential selling pressure, with high inflows suggesting high sell pressure and low inflows suggesting low pressure.

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Mt. Gox Moves Over $700 Million in Bitcoin

Mt. Gox moved over $700 million worth of Bitcoin to unknown wallets, its first major transaction in weeks. The defunct exchange still owes billions to victims of its 2014 hack.

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The German Government Is Selling More Bitcoin $28 Million Moves to Exchanges

The German government shifted another $56 million in Bitcoin to different platforms, continuing to offload portions of its massive Bitcoin trove and fueling volatility amid creditor payouts from Mt. Gox.

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German Government Moves Over $75 Million in Bitcoin to Exchanges

The German government transferred another $75 million in Bitcoin to exchanges, adding to its recent sales of seized reserves that have totaled over $390 million amid concerns over potential market impacts.

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Germany's Bitcoin Sales Will End Soon: Less Than $1 Billion Left

Germany transferred more Bitcoin to exchanges, leaving it with just $765 million of its massive seized reserves as its months-long liquidation spree nears its end.

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German Government Moves Millions More in Bitcoin to Exchanges

The German government transferred another $95 million in seized Bitcoin to exchanges, sparking renewed concerns it may sell part of its massive Bitcoin reserves.

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German, US govts move $150M in crypto

The German and U.S. governments make strategic moves with significant Bitcoin and Ethereum transfers, drawing market attention.

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$105 Billion Electronics Giant Sony To Launch New Bitcoin Exchange

Sony Group acquired Amber Japan and is relaunching it as the S.BLOX Bitcoin and crypto exchange, marking Sony's expansion into the Bitcoin space.

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Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells

Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000. Bitcoin Inflow To Exchanges Remain Low The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level.  There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time.  Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose. Mt. Gox Moving BTC: How Will Prices React If They Sell? While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over $9.4 billion of BTC, data from Token Unlocks show. This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges. Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal. Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated. Feature image from DALLE, chart from TradingView

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Analyst Says Only A Matter Of Time Before Bitcoin Flies Past ATH

An analyst explained how Bitcoins availability for trading has quietly declined during the assets recent consolidation phase. Bitcoin May Be In A Good Position To Set New All-Time Highs In a new post on X, analyst Willy Woo discusses the recent trend in the Bitcoin inventory sitting on centralized exchange platforms. Related Reading The chart [...]

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Analysts Identify Key Scenario For Bitcoin Hitting $100,000

Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path. Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months. Bitcoin Poised For A Notable Rally To $100,000  According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback. Related Reading: Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycles Bottom These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term. The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000. Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon. Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May. Is A $1.5 million Price Level Possible For BTC? One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030. Related Reading: ARK Invest Pivots To Bitcoin As Cathie Wood Expects BTC Price To Explode During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility. She stated: I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis. Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million. Featured image from iStock, chart from Tradingview.com

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Bitcoin Market Dynamics Still Positive Post-Halving Bitfinex Analysis

In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22. Bitcoin Market Dynamics Remains Bullish According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises. Related Reading: Bitcoin Halving: Anticipating Price Impact, Miner Challenges, And Long-Term Outlook Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin. The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation. Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize. It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving. Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving. New BTC Whales Surpassed Old Whales Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined. Related Reading: Crypto Expert Predicts A Narrative Shift Post-Bitcoin Halving According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole. Featured image from iStock, chart from Tradingview.com

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Bitcoin Could Hit $86,000 If This Key Level Is Surpassed: Analyst

In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future. Bitcoin Movement Determined By Key Levels The analyst’s positive perspective highlights the possibility of a large upward shift in the price trend of Bitcoin, igniting interest and speculation in the cryptocurrency space.  Ali Martinez’s analysis primarily focuses on several key support and resistance levels, of which a break out from these levels will determine the future trajectory of Bitcoin.  Related Reading: Are The Odds In Bitcoin Bulls Favor? These Analysts Forecast BTCs Future According to the expert, it appears the digital asset has been gathering momentum in a parallel channel. As a result, the $61,000 mark becomes the most significant support level, while the $72,400 mark becomes the most crucial resistance level. Martinez affirms that Bitcoin might plummet toward the $56,200 and $51,600 range if it manages to surpass the aforementioned support level. However, should it break out from the $72,400 resistance zone, $79,000 and $86,000 are the next price targets to expect. Considering the UTXO Realized Price Distribution (URPD) chart, Martinez notes that $62,000 also proves to be an important support area for Bitcoin. If this level is lost, attention might move to the following significant demand region, which is situated around $51,500. On the other hand, the likelihood of the bull run rekindling would be largely increased should there be a rise back above $66,250. This suggests a new wave of confidence and enthusiasm from market investors and players. Martinez has also identified a notable shift in the accumulation trend score for Bitcoin lately. Specifically, the recent development marks the first time it has happened in six months, and it is now pegged at 0.27. This change suggests that BTC whales might be selling off their holdings rather than hoarding the crypto asset even more. Interest From ETF Investors To Impact Price Substantially Despite the negative performance of BTC lately, several analysts still believe the coin is headed for unprecedented heights. Crypto expert Willy Woo recently made a bold forecast, putting his price target at $650,000 at the bull market top and $91,000 at the bear market bottom. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 Willy Woo expects the coin to top out at this level when ETF investors have completely deployed their capital based on asset manager recommendations. Furthermore, Woo stated that while these figures are quite cautious, Bitcoin will surpass the gold cap after ETFs have served their purpose. “Gold went on a 12-year bull run when its ETF was approved, now it is Bitcoin’s turn,” he added. In the last day, the price of Bitcoin has fluctuated between a low of $62,000 and a high of $66,000, ultimately concluding around $63,000. Its daily trading volume has decreased by 20%, indicating a declining intreest from traders. Featured image from iStock, chart from Tradingview.com

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Bitcoin Whales Showing Different Behavior From Past Cycles, But Why?

On-chain data suggests the Bitcoin whales have been showing different behavior regarding exchange inflows from the last cycle. Heres why this may be so. Bitcoin Whales Are Showing Different Behavior In Exchange Inflows This Time As an analyst explained in a CryptoQuant Quicktake post, the BTC whales movements have been different this time compared to [...]

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Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?

In a recent development, data from crypto analytics firm Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the flagship crypto rising to a new all-time high (ATH) of $75,000 soon enough.  BTC Held On Coinbase Drops Significantly  According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their holdings off exchanges and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.  Related Reading: Why Is The Price Of LUNC And USTC Up Today? Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with data from market intelligence platform Santiment showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.  Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a wave of profit-taking.  Before now, the bearish sentiment surrounding BTC was further strengthened by JPMorgans theory that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.  Spot Bitcoin ETFs Record Net Inflows BitMEX Research revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded negative flows throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.  Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week The crypto community will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a high demand for them.  At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to data from CoinMarketCap. BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com Featured image from BBC, chart from Tradingview.com

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Analyst Warns Of Bitcoin Pre-Halving Retrace Echoing Troubling 2020 Trend

Rekt Capital, a cryptocurrency expert and enthusiast, has identified a similar pattern between the recent Bitcoin pre-halving retrace and the one that took place in 2020 before the crypto asset witnessed an upsurge to its previous all-time high. Bitcoin Pullback Is Almost Identical With 2020 Pre-Halving Retrace Bitcoin, the largest cryptocurrency asset, is presently demonstrating momentum, rising over $70,000 and recovering from a recent downward trend. Following the recovery, Rekt Capital believes that the pullback might be over, citing a similarity to the 2020 pre-halving retrace. Related Reading: Bitcoin Price Reclaims $70K And Signals Fresh Surge To $75K Given the uncertainty of the crypto market, the analyst is not sure if the recent upsurge marks the end of the pre-halving retrace. However, if that is the case, then Bitcoin would have nearly matched the pre-halving correction from 2020. According to the analyst, the digital asset has recorded a pullback of over 18% in this cycle. Meanwhile, in the 2020 cycle, it retraced by over 19%, suggesting the potential of the asset mirroring the 2020 movement this cycle. A further dive into the correction made by the analyst reveals that Bitcoin has been trapped inside the Weekly range (black-black) ever since it retraced by over 18%. Both the upside-wicking 2021 peak and the candle-bodied 2021 peak combine to create the weekly range that Rekt Capital has indicated. Thus, he claims that BTC reclaiming the $69,200 ‘range high’ as support, which has already played out, could signal the conclusion of the recent decline. In addition, this demonstrates that Bitcoin is poised to move over its weekly range and soar higher. With the 2024 Bitcoin halving drawing closer, the cryptocurrency is having difficulty in reclaiming its most recent peak of $73,000. However, there are rumors that today’s increase could mean the pre-halving decline is coming to an end. Considered Catalysts For BTC’s Strength This Cycle As of the time of writing, BTC has rebounded to around $70,806, indicating a daily increase of over 5%. Its market cap and trading volume are also showing strength, rising by 5.49% and 47.82%, respectively, in the past day. One of the main drivers of Bitcoin’s growth this cycle is thought to have been the approval of spot BTC ETFs in January 2024. With the acceptance of the product, investors now have a convenient way to profit from Bitcoin’s value without actually owning any of it.  Related Reading: Bitcoin is Overheating For The First Time Ever Before Halving Since then, the crypto asset has witnessed increased adoption from industry leaders and a massive inflow of capital, propelling its price as well. The BTC price has increased from $46,000 to a peak of $73,000 since the ETFs were approved by the US Securities and Exchange Commission (SEC). Another catalyst considered to have impacted the coin’s price is the anticipation surrounding the upcoming Bitcoin Halving set to occur in April. In the past, these kinds of events have led to notable price upticks. Due to this, investors will shift their attention to BTC to position themselves for significant gains following the halving event. Featured image from iStock, chart from Tradingview.com

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