Bitcoin: Whales remain active despite bearish trend
- BTC supply on exchange has dropped to its lowest level since 2017.
- BTC is still deep in a bear trend as it remains below 30 on its RSI.
Apart from Bitcoin’s [BTC] price trend, there has been a noticeable decrease in its supply on exchanges. Recent data indicated that this decline had hit a yearly low, with large holders (whales) displaying greater interest.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Bitcoin on exchanges plummets
Around March 2020, the percentage of Bitcoin supply held on exchanges peaked at over 16%. However, after that period, it entered a decline phase characterized by a few upward trend bounces followed by an overall decrease.
As of this writing, the percentage of BTC held on exchanges had decreased to 5.80%. As a recent Santiment post highlighted, this level represented the lowest point BTC has experienced since 2017.
Furthermore, despite this decrease, the Santiment chart revealed significant engagement from BTC whales. An examination of the chart revealed several instances of heightened whale activity, with the present count of whale transactions surpassing 1,100.
The continuous engagement of whales indicated that significant holders remained active in transactions, even in light of the ongoing price trends and exchange supply decline. This persistence also showed the existence of ample liquidity despite the overall decline.
Bitcoin active addresses see a bump
Between February and May 2021, Bitcoin experienced its peak in terms of active addresses, surpassing 20 million. Nevertheless, a decline followed this period, and throughout 2022, the number of active addresses remained below that threshold.
Around July 2023, a positive trend emerged, bringing the count of active addresses closest to the 2021 level. As of this writing, the 30-day active address metric was over 18 million. This development is expected, considering the year has also seen a notable influx of new addresses.
BTC continues a downward trend
Examining the Relative Strength Index (RSI) of Bitcoin on a daily timeframe revealed its continued placement in the oversold zone. This suggested that the prevailing bearish trend remained strong, and there has been no evident relief in its price trajectory.
How much are 1,10,100 BTCs worth today?
As of this writing, the price was approximately 26,100, reflecting a decrease of roughly 0.11%.
Furthermore, the long Moving Average (blue line) acted as a strong resistance point, around $27,500. Additionally, the Moving Average Convergence Divergence (MACD) exhibited a trend below the zero line, further affirming the bearish nature of the RSI trend.