Bitcoin [BTC] finally seeing green but what role did the whales play
After what can be considered a long and interminable wait, Bitcoin [BTC] managed to find some green pastures on the maps finally. This caused joy in the crypto community as investors and enthusiasts expected a breakout soon. Apart from this, several other interesting developments worked in favor of the royal coinage.
Here is AMBCrypto’s price estimate for Bitcoin [BTC] for 2023-24
A recent tweet from market intelligence platform Santiment revealed that whales have accumulated more BTC latelywhich was not the case for a majority of 2022. According to the same, addresses containing 100 to 10k BTC collectively added 46,173 BTC to the wallet.
Interestingly, it was also revealed that while the whales increased their BTC holdings, a simultaneous decrease was seen in the Tether whale supply. This new development appeared to be good news for Bitcoin as it represented whales’ growing confidence in the coin.
🐳 #Bitcoin whales show signs of sustained accumulation, which has been a rarity in 2022. Since September 27, addresses holding 100 to 10k $BTC have collectively returned 46,173 BTC back to their wallets as majors USD USD ownership shares have fallen. pic.twitter.com/8JGDC0g5a9
— Santiment (@santimentfeed) 5 October 2022
A moment to enjoy
After weeks of decline, the cryptocurrency managed to turn the tide in its favor, gaining over 7% in 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, it’s not all positive news for Bitcoin. According to the market intelligence platform, BTC capacity in public channels on the Lightning Network reached a new high of 4,618 BTC – valued at $93 million.
The #bitcoin capacity held in public channels on the Lightning Network reached a new high of 4,618 #BTC worth 93 million dollars.
The combination of the increase in usage and integrations led to a drastic 96% increase in capacity over the past year. pic.twitter.com/5SdW5n9ABz
— Messari (@MessariCrypto) 5 October 2022
Not only this, but several other calculations on the chain also painted a positive picture for the crypto. Glassnode’s data revealed that BTCs outgoing exchanges have increased in recent days – a bullish signal.
Source: Glassnode
As Bitcoin‘s price rose on the charts, its total percentage of supply in profit also followed the same route and registered an increase. On-chain data analysis platform CryptoQuant’s data revealed that Bitcoin’s foreign exchange reserves continued to fall. This confirmed lower selling pressure.
Also, BTC’s market capitalization to realized value (MVRV) ratio, along with volume, also went up recently. This indicated a sustained rise in the coming days.
Source: Sentiment
ATTENTION traders!
All the aforementioned metrics indicated that BTC may have left darker days behind it. Investors could expect BTCits price to rise on the charts again. However, a few calculations suggested otherwise.
For example, BTC’s net deposits on exchanges were high, compared to the seven-day average. This was a bearish signal, one that confirmed higher selling pressure. Moreover, BTC’s reserve risk also went up, indicating that it was not the right time to invest wholeheartedly.
Source: Glassnode
