BTC price remains below $66,000 and is trading at $64,400 at the time of writing. Bitcoin (BTC) on-chain data can provide insights into the current situation. What do the current data tell us about Bitcoin? Will cryptocurrencies start to rise again?
Bitcoin (BTC)
Global In/Out of the Money data can provide information about investor costs, profits, and losses. There are far fewer investors with BTC costs between $62,499 and $63,493, and the bubble at the insurmountable barrier has been growing for months. There are 2.93 million BTC ready to turn into profit between $64,931 and $72,500. The average cost is $68,032. This indicates that the pressure below $63,493 may not be very strong for now.
Miners
So, who is selling? Miner sales have always been an issue for Bitcoin, and when we look at the reserve changes of miners, there is a 1.21% contraction in the 30-day period. Considering this with the newly released supply, miners have made significant sales. Even in 2010, the miner reserve did not fall to 1.9 million.
The decrease in miner block rewards seems to have caused them to sell BTC at attractive levels. At some point, the sales need to stop because we already see that it has fallen to the lowest levels in 14 years. The reserve, which fell to 1.9 million on June 19, increased slightly yesterday. We will see in a few days whether the accelerated sales since June 7 have ended.
Exchange Net Inflows/Outflows
Until June 14, we saw net outflows from exchanges. Excluding the inflow on June 17, the net outflow from exchanges continues. Although 4011 BTC entered exchanges in the last 24 hours, the 30-day net outflow is at 2510 BTC.
So, it is not possible to talk about a massive supply flow to exchanges. Despite this, the data from the last 24 hours and the low figures in the last 30 days (despite strong volume) are confusing. Therefore, let’s take a separate look at the inflows to exchanges. As you can see in the graph below, over 60,000 BTC entered on May 30, and stable inflows continued before that. On June 22, inflows decreased to 7430 BTC. Continuing at low levels will be positive for the price.
