Bitcoin Net Accumulation Trend Continues, Here’s What It Means
Recent analytics data show that market participants are still acquiring Bitcoin regularly, even though certain whales are acting in the opposite direction.
The CryptoQuant analytics vendor team has shared recently acquired information on Bitcoin sales and accumulation as of today December. 24. They say that overall that this is a continuation of the Bitcoin growth trend is continuing.
But, some whales have sold a portion of their BTC according to tweets.
Bitcoin mining inventory reserves of miner go up to a record six-month level
According to CryptoQuant the miners of the most popular cryptocurrency are still bullish on BTC since their inventory at the moment is at an all-time high of six months. According to the report from an analyst of the company, Venturefounder miners are holding more Bitcoin now than in the past when BTC traded at its all-time record of $69,000.
He also says that miners have bought more inventory since July of this year.
Today’s BTC QuickTake (2021/12/24)
Miners’ reserve reached an all-time high in six months. Net accumulation continues. About 3,700 BTC are withdrawn from exchanges.
Exchange Whale Ratio hit a year-high in January, which indicates that whales are transferring BTC into exchanges.
— CryptoQuant.com (@cryptoquant_com) December 24, 2021
3,700 BTC removed from exchanges
It is also evident that the CryptoQuant report also reveals that at present, Bitcoin is being heavily recovered. In the last few months, around 3,700 BTC coins were transferred from crypto exchanges that are centralized (based in the moving average of 30D for netflows from exchanges).
The writer of the report states that the levels are comparable to the rate of accumulation in September. Back then he says, this caused the price to rise by about 70 percent from its $41,000 level. He asks if the same rise will be seen in the near future also.
Whales are emptying BTC
Additional information from CryptoQuant confirms how CryptoQuant’s Exchange Whale Ratio data has reached a record high of 0.65 This means that whales are selling part or all of their Bitcoin.
The report states that until the top cryptocurrency breaks the $51,000 threshold traders must be on guard. If $51,000 is broken the next major resistance is likely to be encountered in the $56,800 region.
On December. 23 Bitcoin crossed $51,000, and traders hope to witness an “Santa Rally.” As of press time the most popular cryptocurrency was trading at $51,153 according to data from CoinMarketCap.
According to U.Today today, Fundstrat managing partner Tom Lee believes that the target of $200,000 is attainable for Bitcoin in the next year, following an unsatisfactory 2021. Lee made this assertion in a live webinar hosted by Market Rebellion. Market Rebellion platform for investment and education.