Editor's PiCK
"High Possibility of Bitcoin and Ethereum Price Increase... On-Chain Indicators Are Positive"
Summary
- It was stated that the probability for Bitcoin and Ethereum prices to rise has increased due to positive on-chain indicators.
- The reduced exchange inflow of Bitcoin and the large-scale withdrawals of Ethereum were mentioned as factors lessening selling pressure.
- The increase in Ethereum withdrawals suggests that investors are preparing for long-term holding and that selling pressure has significantly decreased.
An analysis has emerged suggesting that, considering positive on-chain indicators, the chances of an increase in the prices of Bitcoin (BTC) and Ethereum (ETH) have risen.
On the 7th (local time), Amr Taha, an analyst at CryptoQuant, stated in a report, "The decrease in Bitcoin’s exchange inflow volume and the massive withdrawals of Ethereum are factors that significantly reduce selling pressure," adding, "Both Bitcoin and Ethereum now have a higher likelihood of mid-term price increases."
He focused on the decline in Bitcoin’s exchange inflow. The analyst explained, "The number of retail investors depositing Bitcoin into Binance has dropped sharply," and added, "The amount of Bitcoin deposited has fallen below $12 billion for the first time since April this year." He continued, "When the inflow of individual investors plummeted in early April, Bitcoin surged significantly in May."
As for Ethereum, he noted an increase in the scale of withdrawals. The analyst said, "Ethereum withdrawn from Binance on the 4th surpassed 120,000," and added, "This marks the largest daily outflow since June 13." He continued, "This indicates that investors are forecasting an increase in Ethereum’s price and preparing for long-term holding," and "This suggests there has been a significant drop in selling pressure."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
