Long Term HODLER Keeps Accumulating

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2021-11-25 18:49:42

On-chain analysis

Bitcoin yesterday moved sideways around $45,000. The market has long been mainly following the Bitcoin trend. When BTC grows often altcoins move sideways or lower. But when BTC leveled off and started moving sideways, altcoins started to grow.

Existence and development over the years, BTC continues to be at the top of the market capitalization and is the most popular coin. Therefore, on-chain data that is usually focused on BTC will have higher accuracy as well as reflect market trends.

Besides the previously updated on-chain data, in the future Thuan will update more other data. The first updated on-chain index is the amount of BTC deposited on exchanges. The past few days, BTC bears seem to be accumulating more and the number of withdrawals from the exchange increased compared to the previous days. This is also the 12th day in a row that more BTC has been withdrawn from the exchange than deposited.

However, the most heavily withdrawn BTC does not come from regular exchanges (spot exchanges) but derivatives exchanges (future, margin). During growth periods, when on derivatives exchanges there is a large amount of money. High Long orders and the combination of high profit BTC ratio will easily lead to profit taking and Long squeeze taking place. And a similar sharp drop just now is easy to see.

In general, BTC on exchanges including regular exchanges or derivatives exchanges is decreasing. The recent drop in price barely affected long-term investors, but they accumulated more BTC. On derivatives exchanges, the Long / Short ratio is quite balanced.

The number of stablecoins on exchanges has now decreased after the correction. Stable coins rising on exchanges often indicate a need to wait to buy crypto. When a stable amount of copper fell on the floor, it also reflected a decrease in demand. At that time, exchanges often convert stable coins to fiat money to use for suitable purposes.

Long-term investors continue to accumulate but there is still selling force coming from short-term investors or newcomers in the market. The short term index is often below 0. This means that the confidence of newbies or short-term investors has not yet recovered. They are still willing to sell despite the loss.

Cash flow of institutions investing in crypto

Coinshare data has updated the investment trends of major investors in the crypto market.

The week ending September 3, 2021, was the third consecutive week of positive institutional growth in crypto investments. Digital asset investment products saw capital inflows totaling $98 million.

Inflows into Bitcoin accounted for 58.9 million USD, ETH was 14.4 million USD. Some other small altcoins poured in strongly such as SOL (13.2 million USD), ADA, DOT, XRP,… To date, the market share of altcoins is currently a record 35% among institutional investment products. above investment.

Some other information:

  • Binance will support Cardano (ADA) network upgrade & hard fork. ADA network upgrade & hard fork will start in epoch 290 or around 2021-09-12 21:44 (UTC). ADA deposits and withdrawals will be suspended starting September 21, 2021 (UTC). And ADA trading on the exchange will still take place normally. Binance will reopen ADA deposits and withdrawals once we consider the upgraded network to be stable and will not notify users in another notice.

  • Payments giant Mastercard has agreed to buy CipherTrace, a company that scans blockchains for illegal transactions.

  • The investment arm of banking group DZ Union Investment (Germany) makes another move to provide crypto investment services to individual investors. They intend to convert about 1-2% of their investment into BTC.

  • Top Australian banks refuse to do business with crypto companies. Australia’s two largest banks, National Australia Bank (NAB/NAB.AX) and Westpac (WBC.AX) have brushed off criticism for their choices against business relationships with investors. provide electronic money.

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