Capital Influx in Bitcoin Is The Highest its Been Since the Last Bull Market

The market is patiently waiting for explosive returns, as much as over 60% monthly, just like we saw in 2013 and 2017.

Over the weekend, the price of the Bitcoin fell to the $15,700 level, but today, we made another attempt to test high levels. Going back to nearly $16,400, currently, Bitcoin is trading in the green with $1.85 billion.

According to on-chain analyst Willy Woo, Bitcoin is shaking off the bearishness technicals that make short and mid-term on-chain fundamentals bullish as more coins get scooped off exchanges still. This means more users arriving, indicating a buy the dip scenario.

This price action is rather organic, means instead of dominated by short term derivative traders, it tracks closely with investor capital entering and leaving.

The Realised Price of BItcoin, which estimates the average price the market paid for their BTC, is currently at its steepest slope for this cycle, “meaning capital influx into Bitcoin is at its highest rate since the last bull market,” said Woo.

Given that it is higher than last year’s $4k-$14k move, the current move signals to be more organic.

BTC-Realized-Price
Source: @Woonomic

“If you missed 2013 and 2017 bull markets: current bitcoin price rise to $16K is just a small taste of what will come next. We are just warming up,” said analyst PlanB.

As we reported, after JPMorgan’s bullish view of Bitcoin, Citibank released a report where it set the moon target for BTC at over $300,000 by December 2021, calling it the gold of the 21st century.

Already, the aggregate open interest (OI) continues to rise to new highs with that of the regulated venue, the CME, not lagging behind its peers either, a critical factor to consider.

“The outperformance is led by venues that provide stablecoin margined futures as opposed to Bitcoin margined products. As a result, the market is in a much healthier condition than it would have been if the said movement into stablecoin margin products did not happen. This leads to belief that higher levels will be achieved with much less strain on the market,” said Denis Vinokourov of Bequant.

The market cap of stablecoins has exploded this year, with that of the largest one, USDT surpassing $18 billion. All this dry power could further help the market run higher when prices start trending up again.

Bitcoin (BTC) Live Price

1 BTC/USD =19,205.6367 change ~ 0.20

Coin Market Cap

356.34 Billion

24 Hour Volume

46.42 Billion

24 Hour Change

0.20

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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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