Bitcoin’s on-chain fundamentals are experiencing significant changes favoring its performance.
BTC is rising and so are the miner’s revenue depicting an increase in retail presence.
Miners record a 4-month high
Glassnode, one of the most renowned names in data analytics, has provided some encouraging figures this time for Bitcoin. According to it, in the last four months, Bitcoin miners have seen an increase in their revenue majorly.
The figures say that the Bitcoin outflow from the miners has seen an increase of 40.3% in the last 24 hours and this has almost coincided with Bitcoin’s run into the $14k levels on Tuesday evening. Does this have anything to do with the surge in miner revenues? As per the trends, this could be true considering that the demand for the crypto is skyrocketing waiting for a major bull rain whose prospects are brewing.
Glassnode has further reported that after it reached a 4-month high on revenues (1-DAY MA), 51.741 BTC, Bitcoin miners have also increased the outflow of their BTC in the last 24-hours encashing it. The trend is supported by the data showcasing that the amount of BTC exchange deposits have increased by over 18% in the past 24 hours. Just two days ago, Bitcoin experienced a sudden rush towards up north and successfully conquered the resistance level above the $14,000 figure. But the hold at that level couldn’t last long and it ultimately came back down and now Bitcoin is in the area of $13,792 trading in a zone with a range around $13800.
What stands out in all of this is that its exploding above $10,000 was a result of great fundamentals and that the holdup at that level has already crossed 100 days. Ever since its hold up it only keeps surging, with institutonal players such as Grayscale, Microstrategy and Square adding up as major catalysts.
Retail investors showing interest
The new Bitcoin is now well above $10,000 and with its robust basics, it intends to do so. But it has sure spurred a new trend of retail investor stepping into the market and Glassnode confirms this. According to it, the number of Bitcoin wallets holding more than 10 coins has increased to a three-month high and is not slowing down. Even those wallets holding 1 coin has spiked up to a grand figure of 824,193. Overall the Bitcoin addresses have shown a healthy growth of 18.4% which establishes the growth story of Bitcoin.
With Bitcoin’s performance, it is sure that it will not settle so soon and remain stagnant for a while. With the bulge in the activities surrounding it, there has to be a bull run on the anvil.
Disclaimer
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