Bitcoin Supply is Moving to Strong Hands amid BTC On-Chain Analysis Going Mainstream

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Bitcoin Supply is Moving to Strong Hands amid BTC On-Chain
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Ever since Bitcoin (BTC) hit an all-time high (ATH) price of $69,000 earlier this month, the leading cryptocurrency has retraced, even falling below the psychological price of $60K. Bitcoin was hovering around $57,636 during intraday trading, according to CoinMarketCap.

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Nevertheless, this correction has not dampened the spirits of strong hands, investors who hold for future purposes, because they are accumulating more coins. Market analyst Will Clemente confirmed:

“Over the last two weeks, clear bullish divergence between BTC supply moving to strong hands and price.”

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Bitcoin whales have also been on a buying spree based on the opportunity presented by the price grind down. On-chain insight provider Santiment noted:

“If you’ve been waiting for Bitcoin whales to show signs of accumulation, our data indicates it’s happening once again. In the past week, a total 59K BTC has been added to addresses that hold between 100 to 10K BTC. This is 0.29% of the total supply.”

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Crypto analyst Ali Martinez echoed these sentiments and said:

“Whales are buying your Bitcoin. Roughly 30,000 BTC have left exchanges since the correction began on Nov. 8. That’s $1,710,000,000 worth of BTC.”

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The demand for Bitcoin on-chain analysis is increasing

Bitcoin on-chain analytics was recently featured on CNBC, showing the growing demand for deeper crypto research. 

The on-chain analysis takes a different approach because it incorporates metrics created using cutting edge technologies like machine learning (ML) and artificial intelligence (AI) to get a clear picture of what is happening in the market. 

For instance, based on the Bitcoin cumulative on-chain transfer volume, approximately 6.9 billion BTC have been moved on-chain. Yassine Elmandjra, a crypto analyst at ARK Invest, stated:

“Since inception, 6.9 billion BTC have been transferred on-chain, settling ~$60 trillion dollars of cumulative value at the price of each transfer and ~$400 trillion of cumulative value at today’s prices.”

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Nevertheless, it remains to be seen how Bitcoin ends the year because $100,000 is forecasted as the largest strike price for Bitcoin options in 2021. 

Image source: Shutterstock

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