Some Indicators that people are buying this lows
It's always good to look at some on-chain data during markets like this right? To cool off a bit as what is currently happening could make one lose a few pills.
Not to look at the current bitcoin price, but what exactly is going on with investors?
I see hundreds of retail buyers panicking, it's sad to experience because they often create the wealth that flows in but always get nothing when the big boys decide to shake the markets. As seen above, bitcoin is becoming more scarce, the balances on exchanges are declining, coinbase at the time of writing has a negative of over 27k bitcoin in the last 24hrs and if you think that's crazy, let's look at a bigger balance indicator…
5 out of 6 top exchanges with highest bitcoin balances are running on a negative, with a total of roughly 97.7k in the last 7 days, of which more than 56.39%(55.1k BTC) was moved out in the last 24hrs. More than $1 billion has been moved in the last 24hrs, that's how the investors feel about the current markets, many institutions are buying out the cheap cut, won't be long before we get all 'em announcements…
As per the above chart, the number keeps going down regardless of the price downtrends. In fact, usually when bitcoin is most bullish this number increases as many decide to talk profit. This makes me think, the current market conditions may as well be a result of miners cashing out, considering several affirmations of cost being high up to about 70% if I'm not mistaken.
It could be anything and would still mean little cause hell yeah, people still buying out this shit like it launched yesterday.
Speaking of buying, how are the perpetual traders?
This isn't a long lasting indicator, though for the time being, they are more long positions and if we take a quick look at the spot trading dept, it seems like long is currently the most or likely the safest position to open for the short term.
Here's spot depth
This of course isn't financial advice, do your research and trade responsibly. All data presented above is gotten from coinglass
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