📊👀 $BTC #CryptoQuant : The current nearest support level is $94.5K, which represents the average purchase price for short-term holders (STH) holding coins for a period of 1 week to 1 month.

At the $80.8K level lies the average purchase price for the entire STH cohort.

🎢🤔 $BTC #CryptoQuant : To trigger an upward price movement, a significant increase in open interest will be required, accompanied by high trading activity and the liquidation of short positions.

📊📈 $ETH #CryptoQuant : Hedge funds' short positions on the CME have reached their highest point, while both long positions and #ETF demand have increased simultaneously.

📊🗣 Founder of #CryptoQuant : Miners started selling $BTC . In my opinion, the bull market will continue unless inflows into #ETF 's slow down.

📊 $BTC #CryptoQuant : Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now.

Traders' realized price (pink line) has acted as support for prices during a bull market and it's now at ~$60K.

📊 #CryptoQuant : #USDT market cap is approaching $100 billion thanks to recent strong momentum.

🤔 #CryptoQuant : Currently, $BTC has reached the peak of the 2021 bull market and is digesting profit realization volume. After a correction or sideways period of about 1-2 months, we are likely to see another strong rise.

Bitcoin Realized Net Profit on-chain data indicates the size of profit/loss realized at that price range.

🎢 #CryptoQuant notes strong inflows (even if we exclude GBTC financial flows) of $BTC on Coinbase Prime.

They remind that Coinbase Prime is an institutional brokerage service, not an exchange, which means that such inflows may indicate not whale sales, but increased trading volumes on the OTC.

The expert believes that BTC is now again in an active phase of accumulation on the part of institutions.

🤔 #CryptoQuant CEO notes that $BTC is worth the same today as it was worth in 2021. But the bitcoin network today has 3 times the hash rate!

Historically, on a macro scale, hashrate growth has been a leading indicator of BTC rate growth.

🧐 #CryptoQuant noted record-long positive $BTC futures funding rates, signaling strong bullish sentiment. Historically, such optimism precedes price corrections.

A subsequent drop may offer a prime buying opportunity.

📊 #CryptoQuant : Even though most of the supply is in profit, $BTC distribution has not yet begun and we are far from it. Long term holders are barely moving.

📊 $ETH #CryptoQuant : In March, ~$913 million worth of ETH was transferred to CEX.

📊 $BTC sellers' strength is declining, providing an opportunity for a rebound

This follows from the Net Taker Volume indicator from #CryptoQuant

⛏ #CryptoQuant : average daily revenue of $BTC miners rose to a record high

⛏ $BTC #CryptoQuant : There's still not a major bitcoin miner capitulation as mining operations with access to efficient equipment and low cost electricity continue to be profitable.

In contrast, retail miners with older equipment and higher electricity costs are not profitable.

Chart shows break-even cost of different ASICs and the range of electricity cost for miners (red and green areas).

🎢 #CryptoQuant note that the current bull cycle in $BTC is very different from previous ones with the strongest inflows from institutional and corporates.

Institutional funds of $86B entered the bitcoin market in the past 6 months.

⛏ #CryptoQuant : miners have significantly increased $BTC sales since mid-January (on spot BTC-ETF approval)

⛏ $BTC #CryptoQuant : Bitcoin miners are extremely underpaid right now as daily revenues have plummeted to the lowest since Nov 2022.

The miner profit/loss sustainability reached the lowest since June 2021

🐳 #CryptoQuant : Yesterday, over 25,000 bitcoin, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year.

Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure

Bitcoin miner reserves are at their lowest since May, indicating increased selling pressure amid December's 13% gain. #CryptoQuant data reveals a steady decline in miner reserves, with a reported sale of around 3,000 bitcoins in the past 24 hours, reducing their holdings to about 1,834,447 BTC. Despite Bitcoin's price rising from $30,000 to nearly $43,000, the reduction suggests impactful selling activities affecting market dynamics. MicroStrategy reportedly absorbed a significant portion of the sell-off, with CEO Michael Saylor announcing the acquisition of an additional 14,620 bitcoins. As the Bitcoin community approaches the April block subsidy halving, where rewards reduce to 3.125 BTC per block from 6.25 BTC, analysts anticipate a supply shock potentially driving Bitcoin prices to $160,000. The recent surge in mining difficulty to over 72 trillion suggests global acceleration in mining operations, showcasing the Bitcoin network's robustness and maturity amid market volatility. The next difficulty adjustment on January 5, 2024, will provide insights into Bitcoin mining's evolving dynamics and potential market impact.

Source - Hassan Shittu @hassan-shittu
Website - Cryptonews

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