 | First, if we take a look at exchanges reserves we can see that during the recent shakeout, the metric had peaked and scared everyone! But after that, All exchanges reserves continued to decline which is a bullish sign and shows the accumulation behavior is still on track and people have bought BTC and withdrawn it from exchanges. The sum coin age distribution shows that 2-3Years HODlers have distributed a little recently(purple area) but not only the other HODlers did continue to hold their assets and didn’t distribute significantly but also have accumulated during the drop. The SOPR too shows that Short term HODlers have been selling their coins in a total loss recently, especially during the recent drop but Long-Term HODlers haven’t made any special moves and still are moving their assets in profit. We can expect to see the price consolidates and ranges in the Mid-term view but from a long-term basis, everything is bullish and this drop is nothing but a perfect buying opportunity. [link] [comments] |
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