πŸ”₯ BTC miners stopped selling. Anything more bullish than this?

Hello!

I was reading CT (Crypto Twitter) and a lot of accounts were commenting the image below. It is a chart from Glassnode that shows the net position change of Bitcoin miners. It basically shows how hard are selling their Bitcoin.

I find this chart quite relevant, miners have a big part to say about the price evolution of Bitcoin. They hodl large quantities of the digital gold, and if they are selling in large quantities means that they are anticipating a crash.

image.png
Source

It aso means that when they are hodling strong, they anticipate a spike in price. You can see the evidence of this if you take a look at the 2 green zones in the chart. Specially if you look at what happened with the price, weeks after they start hodling. (HINT: It spiked hardly)

Well, we are now at following the exact same pattern as 1st of March, so I expect the same results.
Judge by yourself.

Bitcoin supply on exchanges

This is another interesting metric to anticipate the future price for Bitcoin.
I usually take a look at this trend, and I've found a couple of charts that show the same:

BTC supply in exchanges is dropping fast

image.png
Source

Look at the decrease in february and yesterday. Everytime Bitcoin dips there is a lot of buying pressure that takes coins from the exchanges. It means that there is a lot of interest in Bitcoin, they are buying hard every dip. My guess is that there are institutions buying hard this dips, they take a lot of coins from the exchanges in a short period of time. I don't thing this large drops are mainly caused by retail investors, it should be large institutions behind.

Exciting times ahead! This bull market will be fun.

Enjoy! 😊


image.png

Follow me on Twitter
Follow me on Hive
image.png Follow me on Publish0x

Posted Using LeoFinance Beta



0
0
0.000
28 comments
avatar

Bullish metrics indeed. I'm thinking though of a potential correction with alts benefiting from it.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I'm not sure if we will see a potential correction. I don't think we will see the price of BTC below 50,000$ in the following days.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Just today BTC bounced strongly at the $54000 support. It is now locked in a kind of channel between that price and $61000.

I think it would be healthy to see BTC correct further, but it has no intention to do so. Surely it will continue to rise and break $61K.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I agree, the metrics are lining up for another run. The question becomes will the government let it happen. I can't help but feel that they are trying to do to bitcoin what they've done to gold and silver. Paper trade it into a set range. It will be very interesting to see what comes of this when some important players realize what's happening. Especially since, unlike those paper markets, everything is transparent on the blockchain. Could get a mega-parabolic run next....

Posted Using LeoFinance Beta

0
0
0.000
avatar

Very interesting comment and I tend to agree. I feel like governments are already involved to contain this asset and undermine it. Hoping people will let it go.

Maybe this is a conspiracy theory. idk

Posted Using LeoFinance Beta

0
0
0.000
avatar

In my opinion, BTC is unstoppable at this point.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I hope you're right. BUT, if governments can just print as much money as they want, what's to stop them from continuously shorting BTC and never having to pay it back? Think about it, if they have unlimited resources, they could short every buy order that comes in until the buying dries up. Then they could KEEP shorting until they drive the price down. As leveraged long players get stopped out, they can fill their shorts and, presto, a whole lot of buying got eaten up by "paper" shorts and the price didn't move. Now I have no idea how long they can get away with that or how much they can short without it showing up somewhere but...it is conceivable. Like I said, if they don't have anything to lose because they can just keep printing, then they don't have to play by market rules and can manipulate it. We'll see. I don't think it's quite high enough yet for them to get too crazy with it but I would expect something like this to show up in the next few months.

Posted Using LeoFinance Beta

0
0
0.000
avatar

If they dump their BTC, a corporate is just going to snap it up on the cheap.

The demand side of this market is absolutely insatiable right now and we know all about the supply.

Wild.

Also, Lex Moskovski is worth a follow on cyrpto twitter if you're into this sort of stuff.


Now just a comment on the content because I see someone has pinned this to the curators picks.

In the eyes of Google, Publish0x has an older, more authoritative domain than LeoFinance.

There is a direct copy paste of this published on your Publish0x, which you link to in this piece...

This is not ideal for the long term success of LeoFinance.

Please reconsider copy/pasting the same content across both.

If you insist on using Publish0x as well, consider changing the 2 pieces slightly and link only in the direction from them back to leofinance.io.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Considering the fact a majority of it is mined by mega corporations now no. They are stocking and stacking.
144 blocks per day at 6.25 BTC per block roughly 900 Bitcoin every day or 49.5 Million dollars being printed each day.

With only 2.5 million bitcoin left to be mined I can understand that pull back. Long time though till the next halving.

Posted Using LeoFinance Beta

0
0
0.000
avatar

900 Bitcoin a day are bought in seconds for this large institutions.
We'll see more price appreciation sooner than later.

Posted Using LeoFinance Beta

0
0
0.000
avatar

More reason for people to get bitcoin themselves for what is left. It's about to be controlled by corporations. Exactly the reason bitcoin was invested in the first place to get rid of them. Pretty odd lol

0
0
0.000
avatar

Nice metrics but looking at the charts of mining either accumulating or selling coins it seems the most bullish has been when they sell lately πŸ˜†πŸ˜†πŸ˜† (beginning of January).

Maybe they want to crash the market to get them cheap and then pump it again? Idk...

Posted Using LeoFinance Beta

0
0
0.000
avatar

I don't believe we will see a crash below 50,000$.
But anybody know what this big players have planned.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Anyways, every time BTC goes down Elon musk or Michael Saylor come out of the wood with a good news πŸ˜†.

Onwards and Upwards πŸš€πŸš€

Posted Using LeoFinance Beta

0
0
0.000
avatar

I didn't realize that the supply has been constantly decreasing on the exchanges. I personally am wondering whether or not the large institutions behind the large drops are purposely doing it to force retail out of their positions. Then after they are out, they can just buy back the BTC they sold at a lower price for the next run. It tends to happen a lot on the traditional stock market.

Posted Using LeoFinance Beta

0
0
0.000
avatar

LOL short squeeze here we come! I think it will be a pull back first but if this holds for a month you best believe its going to be popping. If im not mistaken a coin is still around 20k or less to mint so miners probably secured premium profits and are now stacking their balance sheets

Posted Using LeoFinance Beta

0
0
0.000
avatar

It depends on the electricity costs of each country, but I am not expecting any dip below 50,000$ anytime soon.
Let's see if I am right!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Congratulations @resiliencia! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You distributed more than 46000 upvotes.
Your next target is to reach 47000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Happy Birthday to the Hive Community
A successful meetup and its commemorative badge
0
0
0.000
avatar

I just feel that bitcoin is really unstoppable and most participant are trying to do the dollar cost averaging technique.

Great post

Posted Using LeoFinance Beta

0
0
0.000