A noted on-chain analyst has revealed significant activity in the Bitcoin (BTC) market, where approximately 58,956 BTC, valued at roughly $3.54 billion, were transferred to cryptocurrency exchanges over the past month.
This movement, according to analyst Ali Martinez, suggests that Bitcoin holders were preparing to potentially sell their holdings on the open market.
Over the past month, 58,956 $BTC, valued at approximately $3.54 billion, were transferred to #crypto exchanges! pic.twitter.com/qBNsRFPE5R
— Ali (@ali_charts) July 12, 2024
Martinez’s analysis, shared with his substantial following on social media platform X, indicates that these transfers began in mid-June when Bitcoin’s price was hovering around $66,000.
Since then, BTC has seen a decline in value, currently trading at $60,143.
In addition to tracking exchange inflows, Martinez monitors Bitcoin’s accumulation trend score, a metric provided by Glassnode.
This score reflects whether large entities are accumulating or offloading BTC. Martinez interprets the current trend score positively, suggesting a shift towards accumulation by deep-pocketed investors after a period of distribution that started in April.
The analyst’s insights also highlight Bitcoin’s weighted sentiment, which recently hit a low not witnessed since the March 2020 market crash.
On July 5, as #Bitcoin fell to $53,300, the weighted sentiment plummeted to -2 — the lowest level since the Covid-19 crash in March 2020! pic.twitter.com/6B4sLzsXP0
— Ali (@ali_charts) July 13, 2024
On July 5th, with Bitcoin’s price at $53,300, the sentiment gauge plunged to -2, indicating a notable bearish sentiment among market participants.
Matt Hougan, CIO of Bitwise, claims that Bitcoin (BTC) exchange-traded funds (ETFs) are being adopted by investment advisors more rapidly than any other ETFs in history.
Bitwise’s Chief Information Officer (CIO), Matt Hougan, recently responded to a claim made by Jim Bianco, stating that only a small portion of the managed assets of spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. come from investment advisors.
Bitcoin investors should prepare for a “seasonal slog” in September, which has historically been the worst month for average returns, according to New York Digital Investment Group (NYDIG).
Macro analyst Lyn Alden is optimistic about Bitcoin’s long-term prospects due to the rising interest payments on the US national debt, which has surpassed $35 trillion.