The overall cryptocurrency market cap has reached $2 trillion as Bitcoin continues to show strength making a move to $59K levels. Although, Bitcoin faces strong resistance at $60K its volatility has reduced as the BTC price is limiting its movement between $57K-$59K.
With this happening, Bitcoin’s on-chain metrics show that its fundamentals continue to improve further. As per data provided by Santiment, Bitcoin buy calls are at a 3-week high and at levels last seen on March 13.
On the other hand, long-term holders have resolved to holding their coins instead of liquidating their supply. Also, big players have been buying a lot recently and moving their BTC supply off-exchanges into cold storage. As per the latest Glassnode insights, Bitcoin balance at exchanges has touched a two-year low.
?? #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,382,698.224 BTC
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/bx6fvejTAA
— glassnode alerts (@glassnodealerts) April 6, 2021
Bitcoin (BTC) Miner Position Turns Positive
The latest report from Glassnode states that the Bitcoin “Miner net position change metric flashing green, indicating miners are holding onto newly mined coins”.
The Bitcoin hash rate has also touched a new all-time high. It shows that miners are currently not liquidating their Bitcoins to buy new mining rigs. Rather they are purchasing it through cash at the moment.
Also, the adjusted SOPR (aSOPR) indicator from Glassnode suggests that there’s reduced profit-taking at this stage. It means that the buyer confidence in the market remains thereby hinting at an upcoming bull run.
The Bitcoin futures open-interest across exchanges has also sustained constantly above $20 billion over the last week.
Open interest across major exchanges constantly over $22 billion for almost a week now ??#Bitcoin
Chart: https://t.co/zSvBbrTL7x pic.twitter.com/lNjrBhFYzK
— Rafael Schultze-Kraft (@n3ocortex) April 5, 2021
Big players and companies have started accumulating Bitcoins at the current price point. MicroStrategy announced an additional purchase of 2000 Bitcoins on Monday at a $15 million additional investment. On the other hand, Grayscale Investments is now looking to delve into the Bitcoin ETF market.
