Hello my fellow bloggers! BTC hit a new all-time high yesterday, but we didn’t saw any major players selling. Let’s dive in and look at some indicators.
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We will begin with BTC movements – one of the most important data sources for us today. The chart below shows BTC inflows for major exchanges.
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You can see a candle from yesterday. It shows BTC was going to exchanges. Yet the candle is relatively small. We don’t see any major inflow. We don’t see any whales dumping significant portions of BTC at new top. In other words, it seems players are taking some profits on this historical level, but we don’t see any market exits. It means major players still expect BTC to go up.
For ETH the picture is different. As you can see on the chart below, ETH is still leaving exchanges. It seems everyone believes ETH will go up in 2021.
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Market is bullish on Ethereum and players are still accumulating. This is a good news for altcoin market in general. A good portion of this ETH will be used in De-Fi and for gas fees. ETH price will go up taking other altcoins along with it. Let’s wait for the real altseason then.
What is with Grayscale?
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Grayscale sold a tiny amount of BTC. 92 BTC is a really small amount – just above 1% of all holdings. It doesn’t seem Grayscale thinks we are close to the top of the bullrun. They also sold some ETC again. In the last 7 days their ETC holdings reduced by 7071 ETC. It seems they are not really bullish on ETC nowadays.
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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