The Bitcoin (BTC) market appears to be now experiencing a concerning trend, according to the latest report from an on-chain data provider, CryptoQuant.
A recent report by on-chain data provider CryptoQuant reveals a concerning trend in the Bitcoin (BTC) market. The report highlights a slowdown in the growth of whale holdings, a key market indicator that may be signaling a bearish outlook for BTC.
According to the report, large-scale investors, commonly known as Bitcoin whales due to their substantial holdings, play a significant role in influencing the market. When these key holders accumulate BTC, it usually indicates confidence in the asset, which often coincides with rising prices.
However, CryptoQuant's analysis shows that the monthly growth rate of whale holdings has dropped from 6% in February to just 1%. This decline is particularly relevant because, based on historical data, a growth rate of more than 3% in whale holdings typically correlates with increasing BTC prices.
The report also discusses the broader concept of “apparent demand” for BTC, a metric calculated as the difference between the daily total BTC block subsidy and the daily change in the number of BTC that have not been transferred in a year or more.
CryptoQuant's analysis reveals that apparent demand has decreased significantly since early April, when BTC was trading at $70,000. At the time, the 30-day growth in apparent demand reached 496,000 Bitcoin, marking the highest level since January 2021.
However, this growth has since turned negative, with a decline of 25,000 Bitcoin. The correlation between declining apparent demand and the plunge in BTC price has been evident, as the report notes that as demand has waned, Bitcoin’s price has dropped from around $70,000 in early June to a low of $49,000 by August 5.
According to CryptoQuant, for BTC to recover, there would need to be a renewed expansion in apparent demand. Without this increase in demand, the market may continue to face downward pressure, making it challenging for Bitcoin to regain its previous highs.
In addition to the slowdown in whale holdings and apparent demand, the CryptoQuant report also highlights another crucial indicator: the price premium for BTC trading on Coinbase.
Back in early 2024, this premium hit 0.25%, which coincided with strong demand for BTC and large purchases by exchange-traded funds (ETFs) tracking the asset. However, the premium has been declining ever since, now standing at just 0.01%.
According to CryptoQuant, this drop in the Coinbase premium is another sign of “weakening demand” for BTC in the US market.
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