Bitcoin [BTC] You finally see green, but what role did whales play

Bitcoin [BTC] You finally see green, but what role did whales play

After what could be considered a long and endless wait, Bitcoin [BTC] I was finally able to find some green pastures on the charts. This sparked joy within the crypto community as investors and enthusiasts were anticipating a breakthrough soon. Apart from this, many other interesting developments have worked in favor of the King’s Coin.

This is AMBCrypto Bitcoin Price Prediction [BTC] for the year 2023-24

A recent tweet from market information platform Santiment revealed that whales are piling more BTC at recent dayswhich was not the case for the majority of 2022. According to the same order, addresses holding 100 to 10 thousand bitcoins collectively added 46,173 bitcoins to their wallets.

Interestingly, it was also revealed that while whales increased their BTC holdings, a simultaneous decrease in the supply of tether whales was observed. This new development appears to be good news for Bitcoin as it represents the whales’ growing confidence in the currency.

a moment to savor

After weeks of declines, the cryptocurrency has managed to turn the tide in its favour, gaining more than 7% over the past week. At the time of writing, BTC was trading above the $20,000 level at $20,233.28 with a market capitalization of $387.9 billion.

source: Coinstats

Interestingly, according to a tweet from Messari, this is not all positive news about Bitcoin. According to the market intelligence platform, the capacity of BTC contained in public channels on the Lightning Network has reached a new high of 4,618 BTC – worth $93 million.

Not only that, but many other metrics on the chain have also painted a positive picture for cryptocurrencies. Glassnode data revealed that BTCExchange outflows have risen over the past few days – a bullish sign.

Source: Glassnode

as such BitcoinIts price has risen on the charts, and the overall percentage of supply in profit has also followed the same path and registered a slight increase. CryptoQuant’s On-Chain Data Analytics Platform data He revealed that Bitcoin exchange reserves continued to decline. This confirmed lower selling pressure.

Moreover, the market capitalization of BTC to realized value ratio (MVRV) has also increased recently, along with volume. This indicates a steady rise in the coming days.

Source: Santiment

Traders Attention!

All of the above metrics indicated that Bitcoin may have left darker days. Investors can expect BTCIts price is rising on the charts again. However, some metrics suggest otherwise.

For example, net BTC deposits on exchanges were high, compared to the seven-day average. This was a bearish signal confirming rising selling pressure. Moreover, the risk of BTC reserves has also risen, indicating that it is not the right time to invest sincerely.

Source: Glassnode

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