Ki Young Ju founder of CryptoQuant shared on X data that shows Bitcoin struggling to increase gains. shows The movement of coins is increasing. The Bitcoin Average Dormancy Chart shows that this trend has recently reached a high of 13 years.
The Old Whales are Moving More Coins
Bitcoin Average Dormancy displays the average days that a BTC is dormant. According to on-chain data, coins that have been in circulation for three to five years are now owned by new people.
Interesting data indicates that there were no transfers to exchanges. Most likely, they were dealt over the counter.
Any transfer of coins to central exchanges such as Binance and Coinbase can indicate the intent to sell. Price dumping is more likely to occur when there are more coins on these exchanges. This includes whales. OTC trading has a negligible impact on the spot rate, so it is beneficial for bulls.
A further analysis of the transfers, using the Spent-Output Profit Ratio(SOPR) as an indicator, shows that whales making these moves made good profits. Prices tend to drop whenever whales sell and make profits.
Bitcoin Price Retest All Time-Highs
In a recent post, an analyst on X said that the price of Bitcoin will probably increase due to spot Bitcoin ETFs. The derivatives act as a cushion against price declines, given the rate of recent inflows.
Spot-ETFs are a way for institutions to obtain regulated exposure in BTC. Coupled with declining outflows GBTCThe odds that prices will rise remain high.
Lookonchain dataGBTC disposed of 750 BTC in the 23rd April. Fidelity, along with eight other spot ETFs issued by different companies, bought 1,513 BTC for their customers. The issuers of spot Bitcoin ETFs are selling shares that represent BTC. You can buy these coins from Binance and other secondary markets, OTC platforms or direct from the miner.
BTC remains muted, with prices capped at $68,000. This represents the highs of April 13.
In order to define an upward trend, the volume must expand above the liquidation line and reverse recent losses.
Bulls need to break through the all-time highest candlesticks in the BTCUSDT daily chart for the trend to continue. The ideal uptick should confirm buyers by expanding the volume of both the $73,800 range and the recent price.
Chart from TradingView, with a feature image by DALLE
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