I was reading CT (Crypto Twitter) and a lot of accounts were commenting the image below. It is a chart from Glassnode that shows the net position change of Bitcoin miners. It basically shows how hard they are selling their Bitcoin.
I find this chart quite relevant, miners have a big part to say about the price evolution of Bitcoin. They hold large quantities of the digital gold, and if they are selling in large quantities there’s a good chance this means that they are anticipating a crash.
It aso means that when they are hodling strong, they anticipate a spike in the price. You can see the evidence of this if you take a look at the 2 green zones in the chart. Specially if you look at what happened with the price, weeks after they start hodling. (HINT: It spiked hardly)
Well, we are now at following the exact same pattern as 1st of March, so I expect the same results.
Judge by yourself.
Bitcoin supply on exchanges
This is another interesting metric to anticipate the future price for Bitcoin.
I usually take a look at this trend, and I’ve found a couple of charts that show the same:
BTC supply in exchanges is dropping fast
Look at the decrease in february and yesterday. Everytime Bitcoin dips there is a lot of buying pressure that takes coins from the exchanges. It means that there is a lot of interest in Bitcoin, they are buying hard every dip. My guess is that there are institutions buying hard this dips, they take a lot of coins from the exchanges in a short period of time. I don’t thing this large drops are mainly caused by retail investors, it should be large institutions behind.
Exciting times ahead! This bull market will be fun.