Indicators show money flowing from stablecoins to Bitcoin, whales seem to be returning to the market.
According to Glassnode, the Stablecoin Supply Rate (SSR) Oscillator bottomed in recent weeks and is trending up again. This shows that money is flowing from stablecoins to BTC.
On the other hand, Bitcoin is now moving from “weak hands” to “strong hands”.
The 4th largest Bitcoin wallet has accumulated assets again. During Tuesday’s price correction, this wallet address added 4,106 BTC, worth $143 million.
Earlier, a mysterious whale sold 1,500 BTC for $40,000. This character first bought BTC in 2019 and now owns 115,000 BTC, worth about $4 billion.
This mysterious whale had previously sold 1,500 BTC at the top $40k 2 weeks ago. It first started buying BTC in 2019 & now owns 115k BTC (~$4B USD) pic.twitter.com/u0HGWcoQnC
— venturefoundΞr (@venturefounder) June 24, 2021
The supply of Bitcoin at exchanges has once again begun to dry up. This is a sign that BTC price is about to rise again.
— Yann & Jan (@Negentropic_) June 24, 2021
Although Bitcoin is showing signs of recovery, Bitcoin network activity has not seen a significant increase. Bitcoin network address activity is now at its lowest level since March 2020.
📊 #Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020 was the last time the $BTC network was this low. https://t.co/ASYxf4QlUp pic.twitter.com/HHFlRi1GCC
— Santiment (@santimentfeed) June 24, 2021
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