Analyzing Bitcoin’s On-Chain Data – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides


Another volatile week in the books for bitcoin, with the price ranging between a new all-time high of $61,788 down to $53,221. There are several developments on chain that are worth diving into.

Bitcoin Moved Off Of Exchanges

Bitcoin have continued to be pulled off of exchanges, now down 41,215 ($2.42 billion) in just the last 30 days. There are several factors that have been speculated to be the causes of this:

  1. Increase of awareness of the importance of cold storage in combination with a variety of new institutional-grade custody solutions that now exist.
  2. Miners have stopped selling in comparison to the rates at which they did in mid-to-late 2020, with their seven-day outflows at their lowest levels in five years, per CryptoQuant. This could partially be credited to the ease of access to liquidity for miners through maturing borrowing/lending markets. This allows them to access capital without having to sell coins onto the market.
  3. The possibility of bitcoin being locked up in escrow through borrowing/lending platforms, possibly caused by the opportunity to capture arbitrage yields through cash/carry trade that exists due to the difference between spot price/futures premiums.



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