As optimism in the cryptocurrency sector reignited, the price of Bitcoin soared to $27000, and there was a significant outflow of tokens on the exchange.Bitcoin soared to over $27000, sparking optimism in the cryptocurrency market
As optimism in the cryptocurrency sector reignited, the price of Bitcoin soared to $27000, and there was a significant outflow of tokens on the exchange.
- Bitcoin soared to over $27000, sparking optimism in the cryptocurrency market.
- Bitcoin's massive outflow from the exchange coincides with a bull market.
Recently, Bitcoin [BTC] has been in a bullish state, approaching the $28000 mark, and has sparked new optimism among investors.
Exit the exchange
According to Santiment's data, since September 7th, Bitcoin has had the largest outflow from exchanges (over 10000 BTC).
This trend coincides with Bitcoin's second attempt to break through the market value threshold of $28000.
However, it is worth noting that the unique Bitcoin address has reached its lowest point in six weeks. The decline in unique addresses can be explained from both positive and negative perspectives.
On the one hand, this may indicate that long-term investors are consolidating their holdings. On the other hand, this may indicate a slowdown in the acquisition speed of new Bitcoin users or addresses.
Another key factor is the increasing percentage of address profits. The percentage of land value in profits (7-day moving average) has recently hit a one month high of 68.266%.
Although this marks the profitability of Bitcoin holders, it may also attract higher selling as some investors may seize the opportunity to profit during this bullish phase.
Traders become optimistic
During this period, traders showed an optimistic attitude. The put to call ratio of Bitcoin has decreased from 0.49 to 0.46, indicating that traders' sentiment has shifted towards being more bullish. A lower put to call ratio indicates a higher proportion of traders expecting price increases.
Observing the standardized cumulative trading volume increment (CVD) of Bitcoin's open interest contracts (OI), it was found that there has been a decrease. OI standardized CVD provides insight into buying and selling pressures in the market. The decline indicates that purchasing pressure is weakening.
In addition, the implied volatility (IV) of Bitcoin ATM options is showing an upward trend, reflecting market expectations for future volatility. The increase in IV may indicate uncertainty or expectation of significant future price fluctuations in Bitcoin.
Traders often closely monitor IV to make informed decisions.
Finally, the revenue from Bitcoin mining has decreased. This may cause miners to face greater selling pressure when seeking to maintain profitability. If miners start selling their Bitcoin holdings, other addresses may soon be tempted to sell their Bitcoin as well.
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