A closely watched on-chain analyst says investors have picked up massive amounts of Bitcoin (BTC) in the past week.
Popular analyst Ali Martinez says market participants withdrew nearly $4 billion worth of BTC from crypto exchanges in the second week of December.
Citing data from CryptoQuant, a digital asset analytics company, Martinez describes a steady downward trend in the total balance of BTC on crypto exchanges.
“Another 40,000 BTC were withdrawn from the exchanges this past week, for a total of over $3.92 billion!”
However, Martinez also says that Bitcoin miners offloaded huge amounts of BTC in the first half of the month.
“So far in December, Bitcoin miners have sold over 140,000 BTC, for a total of $13.72 billion!”
Despite selling pressure from miners, Bitcoin appears unfazed as BTC has hit another all-time high and is currently trading at $105,331, up 5.7% in the past week.
Looking at Ethereum (ETH), Martinez details three on-chain metrics that are flashing bullishly for the top smart contract platform by market cap.
“On-chain stats for Ethereum look good this week:
– Active addresses increase by 4.24%
– New addresses increased by 2.65%
– Zero-balance addresses fell by 4.06%
Momentum is building for ETH!”
At the time of writing, ETH is trading right above $4,000, and has been moving sideways for the past week.
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Generated image: Midjourney
