Crypto

Bitcoin Metrics Remain Bullish While Ethereum Accumulates On Exchanges

The recent bullish market momentum affecting bitcoin and ethereum seems to have evaporated for now. Even so, the crucial exchange-related metrics confirm there is more price growth on the horizon. In addition, the number of bitcoin addresses holding over 1 BTC hit a fresh all-time high as accumulation continues unabated. 

Prominent Bitcoin Metrics Offer Hope

Despite some price pressure, there isn’t much to worry about where bitcoin is concerned. The temporary reversal in bullish momentum was to be expected, as BTC surpassed $24,000 with ease. It is entirely normal to see the market pullback after a good run-up, even if that means erasing some much-needed gains. For now, BTC holds its own above $23,000, which is all traders can ask for given the current market conditions. 

The big metric to watch during times like these is the exchange inflow for BTC. When prices dip, more people tend to move bitcoin to exchanges to either cash out or convert into other currencies. Diversification can prove beneficial during uncertain times, although one must wonder if the future BTC outlook is truly uncertain. A temporary reprieve amid bullish momentum doesn’t automatically lead to a bear trend. 

For now, the BTC exchange inflow volume is at a three-month low. That is a good sign, especially given the recent peaks over the past few months. Although it is tricky to gauge exchange inflow accurately, the metric by Glassnode indicates overall volumes taper off. That doesn’t mean the price will rebound from here, mind you, but it is good to see fewer people willing to part with their bitcoins. 

In addition, those who try to sell their BTC now will likely find a buyer quickly. The number of addresses holding one bitcoin or more is at an all-time high. Many developments may influence that metric, but it remains a solid win overall. The 1+ BTC holder chart started showing signs of slowing down and slightly reversing in late 2021 but is now on a solid uptrend again in H2 2022. 

Ethereum Exchange Outflows Decrease Further

The situation looks a bit different for ethereum. There isn’t much action on the exchange deposit side or more people accumulating large amounts of ETH. However, there is an ongoing decrease in addresses receiving ETH from exchanges, as it is now at a 17-month low. It is a bit unclear what that means for the Ether price exactly, although it seems safe to assume people prefer keeping ETH on the exchanges for now. 

That may be a sign of impending ETH liquidations once the Merge goes live. Many enthusiasts expect that process to trigger a big bull flag for ETH, sending prices well above $2,000 again. Others think the Merge has been priced in, which might explain the current [temporary?] bearish sentiment for ethereum.  Regardless, the coming days and weeks will undoubtedly spark some price momentum for ethereum and bitcoin alike. The decision in which markets may head remains unclear, though. 


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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