The count of mini BTC addresses has shot up in the last month. Price chart reading showed that buying pressure has weakened over time. Since Bitcoin’s [BTC] price regained the $20,000 mark, the count of BTC addresses that hold 0.1 BTC increased, data from Santiment revealed. According to the on-chain data provider, since reclaiming the […]
The spike in the count of BTC investors that hold 0.1 BTC or less since the year began can be attributable to the Fear of Missing Out . Many of the mini BTC addresses might have returned to the market to take advantage of the recent price rally to log gains.A look at BTC’s funding rates revealed that it has been positive in the last month. Still positive at press time, it was pegged at 0.008.
When an asset’s funding rates are positive, it indicates that there is more demand for long positions than for short positions, and traders who hold short positions are paying a fee to traders who hold long positions. In addition, when the funding rate is positive, it suggests that market participants expect the asset’s price to increase.The price of BTC skyrocketed in January, and as the month ended, there was an increase in BTC’s exchange reserve, indicating that many holders transferred their assets to exchanges to cash in their profits.
However, this was only temporary as the exchange reserve of the king coin resumed its downward trend. Per data fromA decline in an asset’s exchange reserve means that fewer coins are in distribution. With a corresponding increase in the coin’s supply outside of exchanges, its price might continue to grow.Further, an assessment of BTC’s Adjusted Spent Output Profit Ratio revealed that at its current price, many investors sold at a profit. At press time, the aSOPR was 1.008.
Moreso, the positive directional index of its Directional Movement Index was positioned in a downtrend and inching closer to the negative directional index . This showed that buyers were starting to lose control of the market.Subscribe to get it daily in your inbox.
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