In a promising development for the long-term prospects of Bitcoin, more of the cryptocurrency is being withdrawn from exchanges than deposited. This trend suggests a bullish market sentiment, as investors appear to be holding onto their Bitcoin rather than trading it, indicating confidence in its future value.

Furthermore, Bitcoin accumulation continues to be steady, with only occasional periods of cooling off. This steady accumulation is a positive sign for the overall health of the Bitcoin market, as it suggests a consistent demand for the cryptocurrency.

These trends, combined with the overall optimistic outlook on the market, suggest that Bitcoin is well-positioned for future growth. As always, investors should continue to monitor market trends and make informed decisions based on their individual risk tolerance and investment goals.

In a recent analysis of the cryptocurrency market, a chart displaying the unrealized profits of long-term whales has been spotlighted. The chart, which uses a black line to represent Bitcoin's price and green lines to denote the unrealized profits of these whales, suggests a positive trend. As Bitcoin's price escalates, so too do the unrealized profits of these long-term investors.

Interestingly, despite the increase in potential profits, these whales appear to be holding onto their positions, not yet cashing out. A notable surge in unrealized profits, as highlighted on the right of the chart, suggests that these investors could significantly impact the market if they decide to start taking profits. This analysis, written by Woominkyu, paints an optimistic picture of the market's potential trajectory.

Block 840000, mined on Friday night, marked a significant event in the blockchain industry as the block subsidy halved from 6.25 to 3.125. This pre-planned issuance schedule adjustment has historically posed challenges for miners but has also served as a medium-term bullish catalyst for Bitcoin (BTC).

In related news, the launch of a new protocol named Runes on the halving block sparked considerable hype and speculation. This resulted in a dramatic surge in transaction fees within the subsequent 24 hours.

On-chain movement fees skyrocketed to an unprecedented average of over US$128, setting a new record in the history of blockchain transactions. This event highlights the dynamic and ever-evolving nature of the blockchain industry, reinforcing an optimistic outlook for its future growth and development.

The U.S. government's liquidity could be increasingly flowing into virtual currency, according to a recent analysis by Crypto_Lion. The trend is indicative of a broader shift in financial markets, as blockchain technology continues to disrupt traditional financial systems.

The analysis, which focused on on-chain data and market trends, suggests a positive outlook for the crypto industry. Despite the volatility often associated with digital currencies, the data indicates a steady growth in adoption and investment, signaling a promising future for the sector.

It's crucial to note that while the crypto market is still in its nascent stages, the potential for growth is immense. This trend of increased liquidity moving into virtual currencies could be a significant step towards mainstream acceptance and adoption of blockchain technology.

In conclusion, the analysis presents an optimistic view of the crypto market, underpinned by strong on-chain data and market trends. The potential for blockchain technology to revolutionize the financial sector is becoming increasingly evident, and this latest trend of liquidity flow into virtual currencies is a testament to that potential.

In a recent analysis, Crypto_Lion noted a decrease in both spot CVD and stablecoins supply, alongside a drop in bins reserves since the pre-war report. This simultaneous fall in money and market flows during this year's upswing has had a direct impact on prices. The correlation is simple yet reliable, providing valuable insight for traders in the blockchain industry. Despite these fluctuations, the overall market sentiment remains optimistic, demonstrating the resilience and potential of the crypto industry.

In the current blockchain cycle, the average correction after breaking the All-Time High (ATH) has decreased to -24%, compared to -38% in the 2017 bull market. The aSOPR indicator, which excludes transactions made within one hour, shows support/resistance patterns at 1.0. Currently, it stands at 1.01, a significant drop from 1.13 post-ATH.

This cycle has seen fewer corrections post-ATH compared to the previous one, with only one clear correction so far. In the past, the aSOPR indicator retested 1.0 several times after an upward trend post-ATH. It's crucial to monitor whether the indicator breaks below 1.0.

The 2020-21 rise was driven by the expansion of the crypto market and the quantitative easing policy post-COVID-19. The 2023-24 rise could be driven by the Bitcoin spot ETF. However, if the demand inflow from spot ETFs stagnates, explosive price rises may be challenging.

Therefore, it's essential to monitor events that can drive demand, such as the approval of Ethereum and crypto ETFs in major developed countries, potential U.S. interest rate reductions, and the resolution of geopolitical risks.

In the aftermath of the recent Halving event, transaction fees for Bitcoin have surged to an unprecedented high, exceeding $80M. This surge in fees is primarily linked to the decrease in block rewards for miners, resulting in heightened competition and increased fees for prompt transaction validation.

At present, it appears miners are being significantly overcompensated. This development in the blockchain industry underscores the dynamic nature of the market and the inherent adaptability of its participants.

Despite the increase in transaction fees, the market outlook remains positive. The blockchain industry continues to demonstrate resilience and adaptability, reinforcing its potential for sustained growth.

Written by IT Tech.

In the realm of cryptocurrency, tracking indices like the Ethereum Coinbase Premium Index and Korea Premium Index can provide valuable insights for investors. The Korea Premium Index (KPI) has remained positive since November 30, 2023, indicating a dominance of buyers for Ethereum in the Korean market. Despite a recent dip below the SMA14, the index maintains a positive outlook, supporting an upward trend.

The Coinbase Premium Index (CPI) exhibits sharper movements, reflecting the significant impact of investor activity on Coinbase. Currently, the CPI is positive on both hourly and daily scales, reinforcing the ongoing trend. The data's position above the SMA14 further bolsters this trend.

Ethereum serves as a beacon for altcoin investors, illuminating the general market trend. Changes in Ethereum's price trends invariably impact the entire altcoin ecosystem. Given this, Ethereum's on-chain data is becoming increasingly valuable. As an analyst, I will continue to monitor and share this data to enhance our understanding of Ethereum's market trends.

In the wake of Bitcoin's 4th halving on April 20, 2024, the daily market supply has contracted from roughly 900 to 410, with only about 400 to 500 Bitcoins being mined daily henceforth. This significant reduction in supply is anticipated to trigger a sharp market upturn in the 2nd or 3rd quarter of 2024, driven by the influx of new investors in Bitcoin spot ETFs. In the ultra-long term, the fundamentals for Bitcoin's price appreciation have been bolstered by the immutable laws of supply and demand. This analysis suggests a bullish outlook for Bitcoin, underscoring the strength and resilience of the cryptocurrency market. - Crypto Dan.

In 2024, significant outflows in "Ethereum All Exchanges Netflow" data were observed thrice. On February 7, 139K ETH left exchanges, followed by 141K ETH on March 26, and 143K ETH on April 18.

These outflows might be attributed to long-term investors banking on Ethereum's potential appreciation, possibly due to the approval of an ETH ETF or ETN. Another possibility could be institutional investors, who foresee a promising future for Ethereum, driving these outflows.

However, these are mere assumptions. It's worth noting that a substantial amount of BTC left exchanges prior to the Bitcoin spot ETF approval. While it's uncertain if a similar trend is occurring with Ethereum, it's a possibility worth considering.

Moreover, market manipulators could also be a factor. Large inflows could follow these outflows in a single trading day, hence the need to be prepared for both scenarios.

In the realm of cryptocurrency, the surge in Bitcoin transfer rates from exchanges to derivative exchanges is a key indicator to watch. Notably, Bitcoin whales, or major investors, often lean towards long positions when moving Bitcoin from their exchange accounts to derivative exchanges, hinting at a correlation between Bitcoin transfers and price hikes.

Recent data underscores the significant role these transfers play in Bitcoin's price ascension. Historical analyses further corroborate that these transfers were pivotal in dictating the market's bull and bear trends. Consequently, a vigilant eye on the Bitcoin flow between exchanges and derivative exchanges can offer invaluable foresights into the market's future trajectory, thereby informing strategic decision-making.

Analyzing on-chain data, including Bitcoin (#BTC) price and the number of addresses holding $1M or more, alongside events such as Bitcoin halving and U.S. elections, reveals interesting insights.

Firstly, aside from the halving event that reduced Bitcoin supply, the U.S. election, which led to increased money printing, also triggered a bull crypto market rally. Each event was followed by a wealth explosion, creating a new wave of crypto-rich individuals. Notably, the bull run in the current cycle began months before the halving.

However, the cycle has been distorted by certain events. The first distortion is the 'U.S. #BTC futures ETF effect'. On-chain analysis indicates that the bull cycle peak in 2021 was $65,000 in April, but the price peak was $69,000 in November 2021, distorted by the U.S. #BTC futures ETF effect, which caused a significant price surge.

The second distortion is the 'U.S. #BTC spot ETF effect'. The traditional 'halving first, then bull run' narrative was disrupted this time. The U.S. #BTC futures & spot ETFs have been so influential that they have distorted the cycle even in the long-term, diluting and distorting halving effects.

In conclusion, these distorting factors are too significant to be analyzed based on the traditional cycle narrative. Therefore, only investors who consider both the traditional cycle perspective and distorting factors can successfully analyze and invest in the end.

In the blockchain industry, a notable increase in miner outflow was observed around July 2016 and May 2020, coinciding with the second and third Bitcoin halving events. This move is typically a preparation for the anticipated reduction in mining rewards due to halving, aimed at covering operating costs in advance. Massive selling by miners ahead of a halving event usually exerts downward pressure on prices.

Interestingly, Miner Outflow changes over time. The outflow during the third halving was smaller due to the COVID-19 induced price fall, which made large profit-making through selling unfeasible.

In the current cycle, a sharp rise in outflow rate was noticed in January 2024, attributed to miners transferring a significant portion of their holdings to the ETF following the approval of the BTC ETF.

Despite warnings from some experts about potential significant market downward pressure post-halving, the steady increase in outflow during 2023 suggests miners have been covering operating costs by selling periodically. Considering the large stock in the ETF and the advance preparation for the halving, a sudden sell-off by miners seems unlikely.

In the lead-up to Bitcoin's fourth halving, a significant price drop of 16.65% has caused anxiety among crypto investors and traders. However, it's important to note that a price collapse before each halving cycle is a recurring pattern. In the second halving, the price fell by 40.36% before skyrocketing to $19,600, and in the third, a 20.35% decrease was followed by a climb to $69,000.

The current cycle's decrease of 16.65% is a normal and expected event. There's no cause for alarm, as this pattern repeats in each cycle, albeit with different percentages. The recommended strategy is to gradually enter the market at previously identified strategic points. The path to the current cycle's peak is still open, and we are merely at the start of this journey.

In the current bullish market, the anticipation of further price hikes and swift recovery prevails. Bearish bettors are experiencing a significant premium at this market level. The average 30-day funding rates remain high, mirroring the levels of the 2021 all-time high. Bitcoin (BTC) price is facing its most formidable resistance yet, its current all-time high, and is within a defined channel with approximately 20% expansion/retraction.

This scenario is ideal for large players to establish substantial positions. Since the last market discount, the Bitcoin price has surged over 300%. Despite brief 20% corrections, there hasn't been a premium period like the present.

For the first time in three years, the Retail flow hasn't exceeded the mid-range, indicating the presence of this investor category in the market. Historically, substantial Retail profit-taking moves signal a potential market peak. Following the recent sharp price drop, these holders have made significant realizations.

In the face of recent price drops influenced by fundamental news, Bitcoin's price remains robust, trading above the Realized Price of Short-Term Holder (STH) whales holding over 1K Bitcoin, which is 60.7K. This demonstrates a strong demand for Bitcoin, reinforcing the market's optimistic outlook.

Furthermore, Long-Term Holder (LTH) whales, holding over 1K Bitcoin, have a Realized Price of around 21.5K. This significant difference between STH and LTH whales underscores the higher returns of long-term investment in the blockchain industry.

In conclusion, despite temporary market fluctuations, the demand for Bitcoin remains high, with long-term investment yielding greater returns. This analysis reaffirms the positive market sentiment towards blockchain and cryptocurrency.

In the blockchain industry, recent analysis indicates a sideways movement since March, attributed to whales realizing profits. Large-scale movements of long-term holder bitcoins have been frequent, yet direct deposits into exchanges, typically causing price dumps, have ceased. The approval of the U.S. Bitcoin ETF is believed to have played a significant role in this change.

Currently, large-scale profit-taking appears to have ended. The present price volatility is not for profit-taking purposes, but rather a strategic price decline to alleviate market optimism and cool down any overheating. This suggests a more stable market environment, fostering optimism for the future of the blockchain industry.

In the realm of blockchain and cryptocurrency, the analysis of Bitcoin UTXO Age Bands is a crucial tool for identifying short and medium-term support and resistance levels. For those unfamiliar, UTXO Realized Price Age Distribution is a metric that provides an overview of each cohort's holding behavior by overlaying a set of different realized prices, calculated as Realized Cap divided by the total supply.

In the short term, the resistance level to watch is the 1-4 week UTXO level of 67,455. This is a critical juncture that could indicate potential shifts in market dynamics. Additionally, the 1-3 month UTXO level, which stands at 57,804, is expected to act as a support level. These two levels, if closely monitored, can provide valuable insights into the market's trajectory.

The blockchain industry continues to evolve, and with it, the sophistication of analysis tools. As we continue to explore these data sets, we remain optimistic about the potential of blockchain technology and the future of the cryptocurrency market.

In a recent development, Bitcoin's "Open Interest" (OI) data, a key metric indicating the number of open positions on a derivatives exchange's trading pairs, has pulled back to $14.2 billion. This follows a period of intense activity where, at Bitcoin's previous all-time high of $69,000, OI was around $16 billion.

The surge in interest in derivatives trading, particularly during the recent rally with Spot ETFs, saw OI surpass $18 billion. However, the market has since cooled off, aligning with the expectations of many analysts. This pullback in OI data suggests a temporary slowdown in the overheated derivatives markets.

Despite the pullback, the overall outlook remains positive. The market's ability to self-correct and stabilize is a positive sign for the robustness and resilience of the blockchain industry. This development is worth monitoring for future market trends and investment opportunities.

In a recent analysis of blockchain data, it was observed that short-term holders (STH) of Bitcoin have experienced a significant decrease in profitability, as indicated by the Spent Output Profit Ratio (SOPR) settling at a level of 1.1. This marks a short-term peak, followed by a period of stabilization for Bitcoin. Notably, there was no sharp decline, suggesting a healthy market condition.

Minor market shocks have been impacting STH profitability significantly, indicating that sufficient deleveraging has occurred. This could be interpreted as a sign of "price support" in the data, a positive signal for the market.

In the context of a bull market, the forced selling by STH often presents a good buying opportunity. This analysis provides a promising outlook for the blockchain market, highlighting the potential for strategic investment decisions.