Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead
Bitcoin ready to get up and running for the next run?
I’ll just leave this here:
“In 2021 so far, around 26,000 BTC have been mined. Meanwhile, the Grayscale Investment Trust has acquired over 40,000 BTC in the same period,” Glassnode said in its weekly report.
the number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 BTC – jumped to a new record high of 2,218 on Sunday. The count has increased by over 50 during the recent bout of price consolidation in a sign of continued accumulation by investors large enough to influence market trends.
Lastly, the odds of a deeper drop due to profit-taking appear low, as the 24-hour average of bitcoin’s adjusted spent output ratio (aSOPR), recently fell to 1.00, indicating that coins moving between investors are no longer carrying profit. The SOPR metric measures the profit ratio of coins based on the prices when they last moved. The aSOPR ignores all outputs with a lifespan of less than one hour.