Bitcoin on chain situation

Bitcoin price is still $ 47,000- $ 48,000, the market is not very volatile. Altcoins are similarly following the Bitcoin trend. The Bitcoin on chain situation is still good for the market.

In two consecutive weeks, more Bitcoins continued to be withdrawn from the exchange than paid into the exchange. However, yesterday the BTC amount deposited on the exchange was slightly higher than the withdrawal amount.

The Bitcoin win rate is currently 84%. And the bitcoins that have moved in the past three days are mostly profitable, but the return is not high. The market no longer has a sell-to-loss ratio.

The Grayscale Premium Index is at (-15.34%) and shows that GBTC stocks are getting cheaper compared to the BTC price. If institutional investors want to invest in Bitcoin, the option to invest through GBTC stocks today is more profitably priced. The market has not yet seen any purchases from large institutions that have invested in GBTC.

There is no evidence of profit-taking for long-term investors, but they continue to hold BTC (blue line). This shows a Caracal share on CryptoQuant.

Traders remain optimistic. The number of forward orders on futures exchanges has increased. However, the ratio of long / short orders is quite balanced, although there is still a difference between the various exchanges.

Maxime Bernier – Leader of the fast growing People’s Party of Canada has reaffirmed his belief and support for BTC. In his Twitter share, just a week before the federal election in the country, he confirmed that he stands for Bitcoin and crypto.

It can be seen that Bitcoin is not only becoming part of the financial market, but is also increasingly penetrating politics. Spoken in many countries around the world, the topic of discussion is in the US government or the political people who support Bitcoin will have more support from the people.

Some other information:

• The Hungarian flag of Hungary is the first country to unveil a statue in honor of the creator of Bitcoin, Satoshi Nakamoto. This bronze statue in Graphisoft Park was created by Gergely Réka and Tamás Gilly.

• Since launching on September 7, the Chivo Bitcoin wallet in El Salvador has exceeded 500,000 users, according to local news reports. The country has taken a number of measures to encourage people to use Bitcoin. For example, foreigners are exempt from capital gains tax on their Bitcoin profits.

• Layer-1 protocol Avalanche announced today that it completed a $ 230 million token sale in June with the participation of some of the most prominent investors in the token space. According to a press release released by the Avalanche Foundation, the round was led by Singapore’s Three Arrows Capital, Polychain, and included the involvement of R / Crypto Fund, Dragonfly, CMS Holdings, Collab + Currency, Lvna Capital and an unnamed angel investor.

• To date, Ethereum has burned more than 308 thousand ETH, which is more than $ 1 billion. The rate at which ETH is burned is reducing the rate of inflation by 53.85%, which is the rate of reduction of the Bitcoin halving event.

• AMC Entertainment Holdings Inc (AMC.N) says its cinema chain will accept Ether, Bitcoin Cash and Litecoin along with Bitcoin for ticket purchases as the cryptocurrency is favored by investors and mainstream corporations.