{"id":552121,"date":"2023-09-20T16:00:59","date_gmt":"2023-09-20T16:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552121"},"modified":"2024-06-11T07:59:49","modified_gmt":"2024-06-11T07:59:49","slug":"bitcoin-lasting-bullish-momentum-until-happens","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-lasting-bullish-momentum-until-happens\/","title":{"rendered":"Bitcoin May Not See Lasting Bullish Momentum Until This Happens"},"content":{"rendered":"

Bitcoin might not be able to observe any extended runs of bullish momentum until this on-chain indicator reverses its trend.<\/p>\n

Stablecoin Whale Supply Has Dropped To Lowest In Six Months<\/h2>\n

During the past few days, Bitcoin has registered some rise and has managed to breach the $27,000 level<\/a>. The asset has, however, been unable to build up any sustained moves above this mark so far.<\/p>\n

The below chart shows how the cryptocurrency’s price has changed in recent days:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the asset has gone through some net growth in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
While moves above the level have all failed, the asset is still more than 3% up during the past week, which is more than some of the other top coins like Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE).<\/p>\n
Now, as for whether Bitcoin can find a proper break toward higher levels, data from the on-chain analytics firm Santiment<\/a> may provide some hints. The indicator of interest here is the combined percentage of the stablecoin<\/a> circulating supply that’s being held by the whales.<\/p>\n
Here is a chart that shows the trend in this indicator over the past year:<\/p>\n
\"Stablecoin<\/p>\n
The value of the metric seems to have been sliding down recently | Source: Santiment on X<\/a><\/pre>\n
The “whales<\/a>” here refer to entities that are carrying at least $5 million in their addresses. These investors are among the largest in the market, so they can hold some notable influence.<\/p>\n
Related Reading: Here\u2019s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective<\/a><\/p>\n
From the graph, it’s visible that the total stablecoin supply held by these humongous holders has been on a net decline during the past few months. Following the latest drawdown in the metric, its value has hit 51.14%, which is the lowest observed since March 18th, about six months ago.<\/p>\n
What Does This Mean For The Bitcoin Price?<\/h2>\n
Now, the main question is: what’s the relevance of this metric to Bitcoin? The answer to this question lies in the reason why these holders generally choose to hold stablecoins.<\/p>\n
Investors may want to hold their capital in the form of these fiat-tied tokens whenever they intend to avoid the volatility associated with other assets in the sector like BTC.<\/p>\n
Such holders are probable to return back into the market as if they were looking to completely exit the sector, they may have done so through outflows into fiat. Once these stablecoin investors find that the prices are right to jump back into the volatile side of the market, they swap their tokens for them.<\/p>\n
This act of shifting naturally provides a buying pressure on the prices of the coins that they are moving into. Because of this reason, the stablecoin supply could serve as a measure of the potential dry powder available for Bitcoin and other cryptocurrencies.<\/p>\n
As the whales are clearly the most significant entities in the sector, the stablecoin supply held by them is of particular importance. Generally, uptrends in BTC follow periods where the whales significantly shed their stable supplies, as it means that they are buying into the asset with them.<\/p>\n
Examples of such a trend are visible in the chart, as this pattern formed both prior to the January rally and the rebound in June. These investors have been decreasing their supply recently as well, but as BTC has gone down in this period instead, it’s likely that this decline is coming from withdrawals into fiat.<\/p>\n
Related Reading: Bitcoin Rally Driven By Coinbase Users? Premium Would Say So<\/a><\/div>\n
A turnaround in this indicator may be the one to watch for, as it can be a sign of fresh capital injections into the sector. Perhaps only once the whales’ buying power would return to the same levels as it was earlier in the year when Bitcoin breached $30,000, the asset would be able to find a sustained upward move.<\/p>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin might not be able to observe any extended runs of bullish momentum until this on-chain indicator reverses its trend. Stablecoin Whale Supply Has Dropped To Lowest In Six Months During the past few days, Bitcoin has registered some rise and has managed to breach the $27,000 level. The asset has, however, been unable to build up any sustained moves above this mark so far. The below chart shows how the cryptocurrency’s price has changed in recent days: Looks like the asset has gone through some net growth in the last few days | Source: BTCUSD on TradingView While moves above the level have all failed, the asset is still more than 3% up during the past week, which is more than some of the other top coins like Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE). Now, as for whether Bitcoin can find a proper break toward higher levels, data from the on-chain analytics firm Santiment may provide some hints. The indicator of interest here is the combined percentage of the stablecoin circulating supply that’s being held by the whales. Here is a chart that shows the trend in this indicator over the past year: The value of the metric seems to have been sliding down recently | Source: Santiment on X The “whales” here refer to entities that are carrying at least $5 million in their addresses. These investors are among the largest in the market, so they can hold some notable influence. Related Reading: Here\u2019s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective From the graph, it’s visible that the total stablecoin supply held by these humongous holders has been on a net decline during the past few months. Following the latest drawdown in the metric, its value has hit 51.14%, which is the lowest observed since March 18th, about six months ago. What Does This Mean For The Bitcoin Price? Now, the main question is: what’s the relevance of this metric to Bitcoin? The answer to this question lies in the reason why these holders generally choose to hold stablecoins. Investors may want to hold their capital in the form of these fiat-tied tokens whenever they intend to avoid the volatility associated with other assets in the sector like BTC. Such holders are probable to return back into the market as if they were looking to completely exit the sector, they may have done so through outflows into fiat. Once these stablecoin investors find that the prices are right to jump back into the volatile side of the market, they swap their tokens for them. This act of shifting naturally provides a buying pressure on the prices of the coins that they are moving into. Because of this reason, the stablecoin supply could serve as a measure of the potential dry powder available for Bitcoin and other cryptocurrencies. As the whales are clearly the most significant entities in the sector, the stablecoin supply held by them is of particular importance. Generally, uptrends in BTC follow periods where the whales significantly shed their stable supplies, as it means that they are buying into the asset with them. Examples of such a trend are visible in the chart, as this pattern formed both prior to the January rally and the rebound in June. These investors have been decreasing their supply recently as well, but as BTC has gone down in this period instead, it’s likely that this decline is coming from withdrawals into fiat. Related Reading: Bitcoin Rally Driven By Coinbase Users? Premium Would Say So A turnaround in this indicator may be the one to watch for, as it can be a sign of fresh capital injections into the sector. Perhaps only once the whales’ buying power would return to the same levels as it was earlier in the year when Bitcoin breached $30,000, the asset would be able to find a sustained upward move. Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":552146,"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":[428,89445,1119,1144,89301,15241],"class_list":["post-552121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish-momentum","tag-btc","tag-btcusd","tag-stablecoin-whales","tag-stablecoins"],"acf":[],"yoast_head":"\nBitcoin May Not See Lasting Bullish Momentum Until This Happens<\/title>\n<meta name=\"description\" content=\"Bitcoin might not be able to observe any extended runs of bullish momentum until this on-chain indicator reverses its trend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin May Not See Lasting Bullish Momentum Until This Happens","url":"http:\/\/uniquehot.com\/news\/bitcoin-lasting-bullish-momentum-until-happens\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-lasting-bullish-momentum-until-happens\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/iStock-1367449613-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/iStock-1367449613-1.jpg?fit=2121%2C1414"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish momentum","btc","btcusd","stablecoin whales","stablecoins"],"dateCreated":"2023-09-20T16:00:59Z","datePublished":"2023-09-20T16:00:59Z","dateModified":"2024-06-11T07:59:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin May Not See Lasting Bullish Momentum Until This Happens\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lasting-bullish-momentum-until-happens\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lasting-bullish-momentum-until-happens\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1367449613-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1367449613-1.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish momentum\",\"btc\",\"btcusd\",\"stablecoin whales\",\"stablecoins\"],\"dateCreated\":\"2023-09-20T16:00:59Z\",\"datePublished\":\"2023-09-20T16:00:59Z\",\"dateModified\":\"2024-06-11T07:59:49Z\"}<\/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\/2023\/09\/iStock-1367449613-1.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552121"}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552121"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552146"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}