- Starting Sunday, August 1, over $131 billion worth of Bitcoin moved out of centralized exchanges.
- Data shows massive OTC deals happening out of exchanges suggest major accumulation.
Although Bitcoin (BTC) is down 2.54 percent today slipping further under $40,000 levels, on-chain data gives major bullish signals. As per data from CryptoQuant, Bitcoin’s over-the-counter (OTC) transactions have shot up significantly.
The OTC deals suggest massive Bitcoin purchases taking place for high-net individuals or institutional players. In OTC deals crypto exchanges don’t act as mediators between the buyers and the sellers. CryptoQuant CEO Ki Young Ju notes:
Someone is buying $BTC a lot. 99% of transactions are happening outside of the exchanges. Possibly OTC deals. If big names announce their buying, bears could be in a trouble. I’m not sure about short-term price moving tho.
The all-exchange data shows that fund inflows have touched a two-year low. On Sunday, August 1, a massive $131 billion have been moved from the exchanges. This clearly shows that big players have entered the game.
The recent Bitcoin outflows happened just at the time when Bitcoin was trading at above $42,600 levels over the past weekend. Since then the BTC price has corrected by more than 10 percent slipping under $39,000 levels as of today.
Bitcoin has been showing volatile behavior over the last few weeks. Its price has shown some wild oscillations in the range between $30,000-$40,000. Although the BTC price has crossed $40,000 resistance multiple times, it hasn’t been able to sustain above it for a much longer time.
Glassnode: Over 100K BTC outflows registered at exchanges
Another on-chain data provider Glassnode presents some interesting stats for Bitcoin. For the month of July 2021, over 100,000 Bitcoins were moved out of the exchanges, reports Glassnode. This is the highest ever Bitcoin outflow from centralized exchanges since November 2020.
Just over the last seven days, over 40,000 Bitcoins have moved out of the exchange. The Glassnode report adds:
In terms of the aggregate balance still held on exchanges, holdings have now returned to the 2021 lows of 13.2% of circulating supply. This represents a near full retracement of the significant inflow volume observed during the May sell-off.
Interestingly, the report also mentions the flow of the funds between two of the biggest crypto exchanges, Coinbase and Binance. For most of 2021, Coinbase has registered significant outflows. At the same time, Binance has seen major inflows this year.
However, the game flipped for the month of July. Glassnode shows that for the last week, Binance registered a total outflow of 37.5K BTC. However, Coinbase registered net inflows of 30K BTC for the last month. But Bitcoin’s on-chain activity also continues to remain historically low: Glassnode notes:
The current entity adjusted transaction count remains down 38% from the peak set in February, currently clocking 200k transactions daily. Whilst on-chain activity can often follow positive price action, current levels are equivalent to the 2018-19 capitulation bottom.
Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?
- Bitcoin price analysis is bullish.
- BTC/USD set a new all-time high at $67,000 yesterday.
- Slight retracement to retest $65,000 as support overnight.
Bitcoin price analysis is bullish today as a higher low has been set after a retest of $65,000 as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.
The cryptocurrency market traded with strong bullish momentum over the last 24 hours. Bitcoin gained 3.12 percent, while Ethereum gained 12.35 percent. Meanwhile, Solana (SOL) continues to dominate the market, with a gain of 20 percent.
Bitcoin price movement in the last 24 hours: Bitcoin sets new all-time high at $67,000
BTC/USD traded in a range of $63,807.96 – $66,930.39, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.33 percent and totals $49.2 billion, while the total market cap trades around $1.24 trillion, resulting in the market dominance of 46.29 percent.
BTC/USD 4-hour chart: BTC to reach $68,000 today?
On the 4-hour chart, we can see Bitcoin price slightly retracing overnight as bulls prepare for another push higher today.
Bitcoin price action has seen steady growth so far in October. After a several-week consolidation above $41,000 at the end of September, a strong push higher was seen on the 1st of October.
Since then, BTC/USD has seen steady growth with several higher highs and lows set. From the previous major swing low of $41,000 to the current swing high of $67,000, BTC has gained around 63 percent.
Yesterday, the previous all-time high of $65.000 was broken clearly, further indicating strength for the momentum. Overnight a slight retracement back to the $65,000 mark was seen as bears looked to retest it as support, likely before further upside is seen today.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as a slightly higher low has been set after a retest of $65,000 previous resistance as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.
While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.
PayPal co-founder suggests he’s underinvested in Bitcoin while it records new ATH
Bitcoin [BTC] did it once again. The asset broke its own record and caught the attention of the entire globe. Amidst this, PayPal’s co-founder, Peter Thiel expressed his angst over being “underinvested” in the world’s largest cryptocurrency.
The crypto industry as a whole garnered immense popularity over the last couple of years. From being closely regarded as an instrument that carries out illicit activities, to being adopted by governments across the globe, Bitcoin has certainly come a long way. Now, with a market cap of $1.2 trillion, Bitcoin stands as one of the most prominent currencies in the world.
Earlier today, BTC pushed past its previous all-time high of $64,899 and managed to hit a new high of $66,930.39. While BTC HODLers rejoiced this surge, an array of people were rather disappointed that they hadn’t poured in their money into the king coin. One of them was PayPal’s co-founder Peter Thiel.
PayPal’s co-founder talks crypto
During a recent interview, PayPal’s Thiel revealed why he felt underinvested in the asset. He added,
“You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.”
The latest move of Bitcoin was lauded by the entire market. Speaking about the effects of BTC’s ongoing rally, the PayPal co-founder suggested that “we are at a complete bankruptcy moment for the central banks.”
An array of people took to Twitter and made their own predictions about Bitcoin. While some suggested that BTC was slated to endure a major fall, a few others noted that the coin could be aiming for $70K. Tesla’s Elon Musk had a rather bizarre prediction for the coin.
The Tesla CEO’s latest tweet read,
Bitcoin’s rally certainly paved the way for several altcoins hitting new highs. Ethereum PETH], the second-largest cryptocurrency followed the footsteps of BTC and managed to hit an all-time high of $4,366.
PayPal has played a major role in the crypto-verse in the last year. From opening doors to crypto and constantly remaining bullish about it, has pushed several assets to a new level.
This Catalyst Could Trigger Long-Term Bitcoin Rally
Bitcoin is surrounded by all kinds of optimistic predictions these days especially since the king coin managed to smash through all-time highs the other day.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $65,933.90.
This trigger could boost Bitcoin
Popular analyst Benjamin Cowen just said that one overlooked catalyst could ignite a big long-term rally for Bitcoin (BTC).
During a new strategy session, the analyst analyzes the dollar index (DXY), which compares the US dollar against a basket of other major fiat currencies.
As the online publication the Daily Hodl highlighted, a weaker dollar can often imply higher prices in many assets.
He also said that one thing that could put extra bullish energy behind Bitcoin is the DXY beginning a macro trend downward.
Cowen explained that the DXY is potentially on the edge of a bearish trend as it gets rejected from its 100-week simple moving average (SMA).
“Ideally speaking, in order to really be the best conditions for Bitcoin, we’d like to see this keep coming on down. This would be the best condition for Bitcoin and here’s the crazy thing when you talk about the US dollar currency index… Look at the actual macro range.”
He said that despite a rising DXY during the majority of Bitcoin’s lifetime, the king has still managed to maintain a long-term bullish structure.
The analyst is also analyzing what could happen if the DXY eventually entered a more considerable downtrend.
“The dollar has more or less moved up during that time. It’s moved up, but there were a couple of key times when the dollar was moving down and that corresponded to Bitcoin bull markets.”
He continued and said the following:
“Imagine what Bitcoin could do if the dollar ended up coming back down… I think that would be incredibly bullish for Bitcoin.”