On-Chain Forensics

On-Chain Forensics 22

In today’s report, we will be looking into BTC. We look at the recent activity of short and long term investors to gauge their sentiment. The on-chain analysis indicates that investors are holding onto their BTC and are not selling, despite being in profit. However, accumulation at this price level has slowed down. Key Points: The number of Bitcoins on Exchanges has continued decreasing since June 2021, indicating an increase in the amount of Bitcoins being hodled. Short term investors have booked some profits (derisking), whilst selling from long term investors in this most recent leg up to 50,000 USD is nearly non-existent. When Bitcoin price has decreased, investors have been willing to hold rather than to sell into Losses, indicating that their conviction remains strong.   Metric 1 – Exchange Balance (Percent) Let’s start with the Exchange Balance, which shows us the percentage of the circulating supply of BTC being held on Exchanges. The higher the % on exchanges, […]

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