Bitcoin & Ethereum On “Path To Acceleration,” CryptoQuant Explains Why
07 Junio 2024 - 8:00PM
NEWSBTC
The on-chain analytics firm CryptoQuant has explained why Bitcoin
and Ethereum have recently appeared to be on a path towards
acceleration. Bitcoin & Ethereum Are Looking Bullish In
On-Chain Metrics In a new thread on X, the official CryptoQuant
handle discussed how some important on-chain indicators are looking
for Bitcoin and Ethereum right now. Related Reading: Bitcoin
Investors Beware: Extreme Greed Has Returned In Crypto The first
two metrics of interest here keep track of the demand from the
permanent holders and the whales. First, here are the relevant
charts for BTC: As is visible above, demand from the permanent
holders, or the HODLers, had been going down after peaking in
March, but recently, the metric has seen a turnaround. These
investors have added 70,000 BTC to their wallets in the past month.
A similar trend has also been witnessed in the whales’ holdings,
typically defined as addresses carrying more than 1,000 BTC.
According to the analytics firm, the monthly demand from these
large investors is up 4.4%. CryptoQuant has also revealed that the
sector is experiencing an influx of potentially new capital, as the
“new whales” have seen their Realized Cap shoot up recently. The
Realized Cap measures the amount of capital a particular investor
group uses to purchase their Bitcoin. Thus, the increase in the
Realized Cap of the new whales, which are whale entities that have
entered within the past 155 days, would represent the fresh demand
from large investors coming into BTC. As the charts above showcase,
the pattern in this metric has looked similar this year to what was
observed back in 2020. The demand that year led to the 2021 bull
run. Now, here is what the trend in the permanent holder inflows
and whale balance has looked like for Ethereum: As the graphs show,
demand for Ethereum from these investor groups has shot up since
the spot exchange-traded fund (ETF) approvals last month. The
permanent holders are now making inflows of 40,000 ETH per day on
average, while whales, the investors holding 10,000 to 100,000 ETH,
have increased their holdings to record highs of around 16 million
ETH. While signs have been positive for Bitcoin and Ethereum in
terms of direct demand, there is a development that may be
detrimental to the cryptocurrency sector as a whole. It is the
slowdown in the growth of the stablecoins. The chart shows that the
Tether (USDT) market cap grew sharply during the rally towards the
Bitcoin all-time high. While the largest stablecoin still receives
capital injections, its demand has slowed. Related Reading: Shiba
Inu, Cardano Seeing Explosive Whale Activity, Santiment Reveals
Historically, stablecoins have been one of the gateways for capital
into the sector, so consistent demand for them can be required for
sustainable rallies. BTC Price At the time of writing, Bitcoin is
trading at around $70,200, up more than 4% over the past week.
Featured image from Dall-E, CryptoQuant.com, chart from
TradingView.com
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