Renowned analyst Ali Martinez recently shared his views on Bitcoin and the broader cryptocurrency market.
Martinez highlighted that the simple moving average in the ETH/BTC ratio has exceeded 365, which he interprets as an early indicator of the upcoming altcoin season.
However, the analyst highlighted that the price of the leading cryptocurrency often rises when least expected.
Continuing his Bitcoin analysis, Martinez revealed that 14,000 BTC has been transferred on crypto exchanges in the past four days, which equates to approximately $851 million.
The expert noted that despite these large transfers, the Bitcoin kitty has made significant purchases when the price was in its low ranges, which has caused the buy/sell ratio for BTC to rise.
Additionally, Martinez highlighted a resurgence of individual investors in Bitcoin. The number of new BTC addresses on the network has risen to 352,124, marking its highest level since April.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.