On-Chain Data Shows Bitcoin Is Secure, According To CryptoQuant Analyst

Bitcoin – In comparison to what we observed during the time of the cryptocurrency meltdown, the on-chain data for Bitcoin and other cryptocurrencies over the last several days has been rather meager.

However, the CEO and analyst of CryptoQuant think that it might be advantageous for BTC because it protects it from sale-side liquidity.

Young Ju claims that he has not observed any substantial BTC on-chain activity in the previous seven days, which demonstrates the market’s lack of liquidity and trade volume. Some investors could be content to retain a relatively stable asset, despite the fact that the lack of volatility might be difficult to witness and experience.

Bitcoin has entered a protracted consolidation phase

The lack of movement on on-chain indicators is also strongly correlated with the technical data on the market, as volume profiles and chart patterns indicate that BTC has entered a protracted consolidation phase.

The only noteworthy information we had earlier was the distribution of money among wallets associated to miners and the increase in selling activity. The price of Bitcoin, which prevents miners from maintaining lucrative mining operations, is the key reason why miners are under pressure to sell.

The only noteworthy aspect of miners’ activity that we can observe is the disparity in profitability between experienced and inexperienced miners. According to reports, experienced miners are typically selling their holdings at a profit while newer miners are doing so at a loss.

Analysts like Peter Brandt claim that the current state of the cryptocurrency market is the quiet before the storm because Bitcoin’s unusually low volatility typically heralds sharp price increases in both directions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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