Bitcoin Again on the Move Amidst “Increasing Market Demand”

Today 67,700 BTC options worth $745 million are expiring but there are no signs of weak hands from long-term investors with hodlers currently accumulating more than 50k BTC each month.

Bitcoin is back on the move today. Volatility has been expected as options for 67,700 Bitcoin worth $745 million are expiring today.

Currently, the largest cryptocurrency is trading just under $11,400, up more than 3%, with over $2 billion in trading volume. In the past ten days, BTC has surged 24.5% that has resulted in the number of bitcoin addresses holding 1 million USD spiking by 38% to about 18,000.

Also, a whopping 93% of bitcoin’s supply is at a profit with the price at $11k.

Interestingly, BTC deposits at major exchanges continue to drop, which has been falling since March after the digital asset crashed along with the other asset classes. The deposits have currently reached the low-levels, last seen in May 2019, which suggests users prefer to store their BTC in private wallets. Moreover, it “may lead to a lower selling pressure the upcoming months.”

“Despite BTC's recent surge to $11k, there are currently no signs of weak hands from long-term investors,” noted Glassnode. “Hodler Net Position Change remains positive since the end of March, with hodlers currently accumulating more than 50k BTC each month.”

However, Ki Young-ju, the CEO of on-chain analysis firm CryptoQuant, said whales have started to send Bitcoin and stablecoins to exchanges. He said,

“BTC whales are sending Bitcoins to exchanges. Stablecoin whales are sending stablecoins to exchanges as well. This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures.”

So Much HODling & Accumulation

Bitcoin gains are recorded amidst the amount of USDT flowing into exchanges spiking to yearly high. All the while, Tether continues to mint millions more USDT that “hints at increasing market demand and could potentially support further Bitcoin price appreciation,” states OKEx.

The exchange’s one-month futures annualized basis has also surged to as high as 27.67%, its highest level since late February. “Values above 20% indicate that traders are paying a very high premium on spots and using high leverage,” OKEx said.

Just this week, Bakkt recorded peak volume twice in a row while CME saw its open interest making new highs. Regarding the slow adoption of its bitcoin options product, CME Group continues to “work with both brokers and platforms to get them connected and up and running to facilitate trades with customers.”

Another bullish development seen in the market is the 1-year HODL wave, which has been unmoved on the blockchain over the last 365 days.

Additionally, this Bitcoin 1-year HODL wave has hit a new all-time high of 63%, up 1% since the start of July.

The fact that an increasing number of bitcoin investors are HODLing with no pressure from any sell-side in the form of deposits to exchanges speaks well for the world’s leading digital currency.

At this point, if bitcoin closes above ~$14,300 on the 12 Monthly charts, that would be one of the most bullish developments in this new cycle, said analyst Rekt Capital.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,389.5006 change ~ 1.34%

Coin Market Cap

$210.14 Billion

24 Hour Volume

$5.77 Billion

24 Hour VWAP

$11.23 K

24 Hour Change

$152.8585

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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