Bitcoin On-Chain Activity Reaches Levels Resembling 2021 Highs, But Investor Interest Yet to Materialize
Summary:
Bitcoin on-chain activity at levels reminiscent of 2021 highs, as Bitcoin velocity drops to multiyear lows. Market stagnant with little movement in BTC supply, indicating reduced buying and selling. Mixed perspectives on the situation. Oversold conditions present, with daily RSI suggesting investor interest yet to materialize. No investment advice provided.
Bitcoin on-chain activity reaches levels reminiscent of its 2021 all-time highs, according to data. The CEO of CryptoQuant, Ki Young Ju, highlighted a drop in Bitcoin velocity, which is now at multiyear lows. This indicates that the supply of Bitcoin has become stagnant, with little movement in the market. There are mixed perspectives on this situation, as some see it positively since whales are holding onto their Bitcoin, while others view it negatively due to the lack of transfer to new investors. The velocity chart shows similarities to the lack of trading activity among high-volume investors, suggesting that the market is in a "wait and see" mode for Bitcoin. Notably, the current volume data indicates oversold conditions, which is different from when Bitcoin last reached its all-time high. The daily RSI suggests that investor interest has yet to fully materialize. Please note that this article does not provide investment advice and readers should conduct their own research before making any financial decisions.
Published At
8/26/2023 11:10:00 AM
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