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2021-10-30 14:20:52

The market shows signs of taking profits

Bitcoin’s growth to date is over 36 days with growth from a low of over $29,000 to a high of over 70%. During this increase, BTC also adjusted, but the correction rate was not much, around more than 10% back. This also helps that the number of profitable BTC has also increased from more than 66% to a high of more than 88%.

The recent high volume of profitable BTC also shows signs of taking profits. By index Bitcoin Net Realized Profit/Loss shows that BTC’s recent moves are mostly profitable.

However, Bitcoin’s CDD index remains low meaning there is no sign of long-term stored BTC moving.

The amount of BTC deposited on the exchange in the last 24 hours is similar to the previous days. BTC deposits and withdrawals do not have large fluctuations and the difference in deposit and withdrawal is almost the same.

A whale with wallet address 1P5ZE…DfHQ recently also had many BTC moves out of the wallet with a total amount of 7,500 BTC at different prices from 37,000 USD to 48,000 USD. BTC transfers only tell us how much of this BTC leaves the wallet, not specifically for sale or specifically for how to use it later.

As BTC was on the rise, Michael Saylor’s company MicroStrategy continued to buy 3,907 Bitcoins (about $177 million) at an average price of $45,294 per BTC.

Currently, MicroStrategy is still the company listed on the stock exchange that invests in BTC the most. And since August 23, MicroStrategy has held a total of 108,992 BTC (total investment of $2.918 billion) at an average price of $26,769 per Bitcoin. Most companies like MicroStrategy will invest for the long term.

Current Bitcoin Trend

According to Elcryptotavo’s share on CryptoQuant, it shows trends based on data on regular exchanges (spot) and futures and options exchanges (Derivate). The first hypothesis, if BTC on spot exchanges and derivates both drop, this is a good sign and the market is believing in an uptrend.

Second, if the amount of BTC on the spot exchange decreases but the derivate exchange increases, it is a good sign if the funding rate is positive and not good if the funding rate is negative (in terms of the short-term trend).

In the third case, if the number of BTC on the spot exchange increases and the derivative decreases, this is a sign that traders are taking profits.

The current situation, the amount of BTC on the spot exchanges is almost flat, while the derivate is trending up and the funding rate is positive. As you can see, Bitcoin is leaning more towards trend one, but the market is unclear and is not inclined to either bullish or bearish.

Another document shared by Ecoinometric states that by the time BTC hit $50,000 before BTC was heavily stored by individual investors (the dotted line turns from yellow to green). At the moment, the trend of storing BTC is dominated by large investors (dotted band turns from yellow to orange). They believe that BTC at this point is bought by many accumulated whales. This is a reference information.

The Fear and Greed Index is at 73. Thuan does not appreciate this index in assessing the market and mainly relies on other data such as on-chain or market news. school.

Another good news to the crypto market. U.S. bank Citigroup has filed an application to sign its customers to begin trading bitcoin futures on the Chicago Mercantile Exchange (CME), according to a source in the bank who requested anonymity. Another big name in the banking industry wants to deploy BTC services for its customers.

Update support package information and crypto laws

As for the situation related to crypto law in the support package, there is also a new update. The Senate passed a $1 trillion infrastructure bill this month. The bill includes changes to crypto tax reporting requirements.

The House of Representatives is ready to pass the bill without amendments. Cryptocurrency advocates had hoped that the House of Representatives would save them from crypto tax reporting requirements they deemed nasty after such a provision was passed in the Senate.

Although the definition of “broker” can be changed in the House of Representatives is not high. The good news is that the Treasury Department under Biden has reported that it will not enforce tax reporting requirements on miners, but only interested in exchanges. Let’s wait until September to see the next updates.

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