{"id":470481,"date":"2021-08-30T22:00:47","date_gmt":"2021-08-30T22:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=470481"},"modified":"2024-06-11T13:58:11","modified_gmt":"2024-06-11T13:58:11","slug":"the-bitcoin-mempool-shows-low-demand","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/the-bitcoin-mempool-shows-low-demand\/","title":{"rendered":"Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback"},"content":{"rendered":"<p>There is a before and after in one particular<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-dominance-altcoin-season-2\/\" target=\"_blank\" rel=\"noopener \"> Bitcoin indicator that could be signaling bearish price action in the short term.<\/a><\/p>\n<figure id=\"attachment_470490\" aria-describedby=\"caption-attachment-470490\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-470490 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/BTCUSD_2021-08-30_16-58-41.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD \" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-470490\" class=\"wp-caption-text\">BTC picking up movement to the upside in the daily chart Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>As stated by many experts, the current bullish momentum can only be supported by strong demand, otherwise, BTC\u2019s price could move sideways or risk returning to its former range below $40,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If anything has me concerned it&#39;s this. Where is the demand? <a href=\"https:\/\/t.co\/id2a7l6tEf\" rel=\"nofollow\">pic.twitter.com\/id2a7l6tEf<\/a><\/p>\n<p>&mdash; Will (@WClementeIII) <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/11751943?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The amount of on-chain activity is a useful indicator to measure say demand. As the first cryptocurrency by market cap climbed to its all-time high, above $60,000, the network saw a rise in its number of transactions.<\/p>\n<p>This was probably triggered by a FOMO effect from retail investors jumping into the crypto space for fear of missing out on future gains.<\/p>\n<p>This phenomenon was driven by <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-origins-meme-coin-crypto\/\" target=\"_blank\" rel=\"noopener \">Elon Musk promoting Dogecoin<\/a>, the <a href=\"https:\/\/uniquehot.com\/news\/company\/the-inevitable-rise-of-nfts-has-only-just-begun\/\" target=\"_blank\" rel=\"noopener \">boom in the non-fungible token (NFT) sector<\/a>, and the yield offered by some <a href=\"https:\/\/uniquehot.com\/news\/solana-in-continuous-bullish-mode\/\" target=\"_blank\" rel=\"noopener \">DeFi protocols competing with Ethereum.<\/a><\/p>\n<p>Bitcoin benefited from this new wave of investors adopting cryptocurrencies, and digital assets. Thus, a combination of institutional and retail interest and capital allowed BTC\u2019s price to reach a new ATH. Transactions fees at that moment skyrocketed.<\/p>\n<p>This happened right until the moment when BTC collapsed in the first of 3 capitulation events spread out across May, June, and July. On-chain activity dropped with the market and has been unable to recover since.<\/p>\n<p>As seen below, data from explorer Mempool.space shows that fees have gone from 100 sats\/vB to around 7 sat\/vB for a high-priority transaction. Via Twitter, analyst Mr. Whale <a href=\"https:\/\/twitter.com\/CryptoWhale\/status\/97871363\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a> the following on the decline in Bitcoin\u2019s on-chain activity:<\/p>\n<blockquote><p>Data shows there is virtually no demand for Bitcoin right now. The BTC mempool has been flatlining for weeks, which is even worrying some bulls. We\u2019re in for another big crash, yet most are too greedy to admit that.<\/p><\/blockquote>\n<figure id=\"attachment_470491\" aria-describedby=\"caption-attachment-470491\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-470491 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/Bitcoin-BTC-BTCUSD-12.jpg?resize=860%2C369\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"369\"><figcaption id=\"caption-attachment-470491\" class=\"wp-caption-text\">Source: Mempool.space<\/figcaption><\/figure>\n<h2>Bitcoin On-Chain Activity At A Low, Whales Take Over The Market?<\/h2>\n<p>On the other hand, pseudonym analyst \u201cChimpZoo\u201d <a href=\"https:\/\/twitter.com\/ThinkingBitmex\/status\/95766798\" target=\"_blank\" rel=\"noopener nofollow\">sees<\/a> the other side of the coin. The analyst believes the lack of on-chain activity could be bullish for BTC\u2019s price based on 2 reasons.<\/p>\n<p>First, this indicates a decline in retail participation or that a low amount of BTC\u2019s supply is being held by \u201cweak hands\u201d. The large inflow of retail investors experience in the first months of 2021, some analysts believe, led to speculation, high funding rates, and a high level of over-leverage trading positions.<\/p>\n<p>All those factors accelerated Bitcoin\u2019s dropped from its ATH and operated as bearish catalyzers. Recent price action to the upside lacks those variables, which could suggest that this rally could be more sustainable.<\/p>\n<p>In addition, ChimpZoo claimed that the lack of on-chain activity and the rally point to an increase in whale activity, and in strong hands coming into the market. This is <a href=\"https:\/\/jarvislabs.substack.com\/p\/finding-direction\" target=\"_blank\" rel=\"noopener nofollow\">supported<\/a> by Jarvis Labs\u2019 Accumulation Trends metric.<\/p>\n<p>As seen in the chart below, in the past 30 days Bitcoin whales have been accumulating more BTC than smaller investors. The more yellow and closer to 1 on this metric, the more whales have been accumulating.<\/p>\n<figure id=\"attachment_470492\" aria-describedby=\"caption-attachment-470492\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-470492 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/Bitcoin-BTC-BTCUSD-8.png?resize=860%2C416\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"416\"><figcaption id=\"caption-attachment-470492\" class=\"wp-caption-text\">Source: Jarvis Labs<\/figcaption><\/figure>\n<p>Thus, this could explain the low on-chain activity. Analyst Checkmate <a href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/59226115\" target=\"_blank\" rel=\"noopener nofollow\">acknowledged<\/a> that the market is at an uncertain point, but tends to incline more to the bullish side:<\/p>\n<blockquote><p>The divergence between onchain activity and supply dynamics atm is simply insane. Activity looks like a bear. Supply looks like a juiced bull. Truly a challenging structure to assess direction in, but in my view, supply dynamics trump activity. Shows conviction and strength.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>There is a before and after in one particular Bitcoin indicator that could be signaling bearish price action in the short term. As stated by many experts, the current bullish momentum can only be supported by strong demand, otherwise, BTC\u2019s price could move sideways or risk returning to its former range below $40,000. If anything has me concerned it&#39;s this. Where is the demand? pic.twitter.com\/id2a7l6tEf &mdash; Will (@WClementeIII) August 29, 2021 The amount of on-chain activity is a useful indicator to measure say demand. As the first cryptocurrency by market cap climbed to its all-time high, above $60,000, the network saw a rise in its number of transactions. This was probably triggered by a FOMO effect from retail investors jumping into the crypto space for fear of missing out on future gains. This phenomenon was driven by Elon Musk promoting Dogecoin, the boom in the non-fungible token (NFT) sector, and the yield offered by some DeFi protocols competing with Ethereum. Bitcoin benefited from this new wave of investors adopting cryptocurrencies, and digital assets. Thus, a combination of institutional and retail interest and capital allowed BTC\u2019s price to reach a new ATH. Transactions fees at that moment skyrocketed. This happened right until the moment when BTC collapsed in the first of 3 capitulation events spread out across May, June, and July. On-chain activity dropped with the market and has been unable to recover since. As seen below, data from explorer Mempool.space shows that fees have gone from 100 sats\/vB to around 7 sat\/vB for a high-priority transaction. Via Twitter, analyst Mr. Whale said the following on the decline in Bitcoin\u2019s on-chain activity: Data shows there is virtually no demand for Bitcoin right now. The BTC mempool has been flatlining for weeks, which is even worrying some bulls. We\u2019re in for another big crash, yet most are too greedy to admit that. Bitcoin On-Chain Activity At A Low, Whales Take Over The Market? On the other hand, pseudonym analyst \u201cChimpZoo\u201d sees the other side of the coin. The analyst believes the lack of on-chain activity could be bullish for BTC\u2019s price based on 2 reasons. First, this indicates a decline in retail participation or that a low amount of BTC\u2019s supply is being held by \u201cweak hands\u201d. The large inflow of retail investors experience in the first months of 2021, some analysts believe, led to speculation, high funding rates, and a high level of over-leverage trading positions. All those factors accelerated Bitcoin\u2019s dropped from its ATH and operated as bearish catalyzers. Recent price action to the upside lacks those variables, which could suggest that this rally could be more sustainable. In addition, ChimpZoo claimed that the lack of on-chain activity and the rally point to an increase in whale activity, and in strong hands coming into the market. This is supported by Jarvis Labs\u2019 Accumulation Trends metric. As seen in the chart below, in the past 30 days Bitcoin whales have been accumulating more BTC than smaller investors. The more yellow and closer to 1 on this metric, the more whales have been accumulating. Thus, this could explain the low on-chain activity. Analyst Checkmate acknowledged that the market is at an uncertain point, but tends to incline more to the bullish side: The divergence between onchain activity and supply dynamics atm is simply insane. Activity looks like a bear. Supply looks like a juiced bull. Truly a challenging structure to assess direction in, but in my view, supply dynamics trump activity. Shows conviction and strength.<\/p>\n","protected":false},"author":535,"featured_media":470483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-470481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback<\/title>\n<meta name=\"description\" content=\"There is a before and after in one particular Bitcoin indicator that could be signaling bearish price action in the short term. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback","description":"There is a before and after in one particular Bitcoin indicator that could be signaling bearish price action in the short term. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback","url":"http:\/\/uniquehot.com\/news\/the-bitcoin-mempool-shows-low-demand\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/the-bitcoin-mempool-shows-low-demand\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/Bitcoin-BTC-BTCUSD-11.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/Bitcoin-BTC-BTCUSD-11.jpg?fit=996%2C555"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-08-30T22:00:47Z","datePublished":"2021-08-30T22:00:47Z","dateModified":"2024-06-11T13:58:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/the-bitcoin-mempool-shows-low-demand\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/the-bitcoin-mempool-shows-low-demand\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Bitcoin-BTC-BTCUSD-11.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Bitcoin-BTC-BTCUSD-11.jpg?fit=996%2C555\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-08-30T22:00:47Z\",\"datePublished\":\"2021-08-30T22:00:47Z\",\"dateModified\":\"2024-06-11T13:58:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/Bitcoin-BTC-BTCUSD-11.jpg?fit=996%2C555","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=470481"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/470483"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=470481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=470481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=470481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}