🔥 BTC miners stopped selling. Anything more bullish than this?
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.
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
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.
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