A significant reduction in the inactive supply of the first cryptocurrency, the structure of which has been changing for more than a year, indicates the withdrawal of the asset from exchanges or sale by long-term holders. This is stated in the Bitfinex report.
The volume of bitcoin held by long-term holders. Data: Bitfinex.The current actions of bitcoin investors repeat the pattern observed in December 2020 before the sharp growth of the crypto market, analysts said.
"This model suggests that we may be entering a similar growth phase," the experts added.
According to analysts' observations, after the recent large liquidations related to the drawdown of bitcoin, financing rates began to recover. Traders' attention turned to halving.
According to the report, a fundamental factor in price dynamics will be the halving of the block reward, which, as it approaches, also led to a significant volume of bitcoin withdrawal from centralized exchanges. The indicator fell to the minimum of 2021 — to ~ 1.75 million BTC.
The bitcoin offer on crypto exchanges. Data: Bitfinex.Timo Lehesa, co-founder of Swarm Markets, added in an interview with The Block that caution must be maintained now, since reducing the reward for miners may have an ambiguous effect on the market.
"There is still the potential for a spread of quotations, especially given the geopolitical instability that unexpectedly led to lower prices in the short term," he said.
At the time of writing, digital gold is trading at $62,400, having dropped 2.9% per day.
The 15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.Earlier, the founder of MN Trading, Michael van de Poppe, admitted that the quotes of the first cryptocurrency began to move to a maximum at above $ 73,000.
Recall that ex-CEO of BitMEX Arthur Hayes predicted a possible drop in bitcoin on the eve of halving. The reduction of the block reward is a price catalyst in the medium term, and in the designated period, the coin will face an outflow of liquidity, the expert believes.
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