Among the $123.13 million removed from the cryptocurrency market in the last 24 hours, Bitcoin [BTC] The total liquidation during the same period amounted to 25.30 million dollars, according to data from Coinglass open.
At the time of writing, the King coin is trading at $19,857.00. It was last traded at that level in July when the bulls took over the market and started an uptrend.
Since the introduction of FUD to the market through comments by Jerome Powell on Friday (August 19), BTC has fallen by 7%.
According to the information received from feelingsDespite the continued decline in the price of BTC, major wallet addresses have increased their BTC holdings over the past month.
However, in the last 30 days, addresses between 100 and 10,000 BTC have grown by 103. This brings the cumulative addresses on the BTC network between 100 and 10,000 BTC to 15,847 addresses.
According to Santiment, this is a positive sign as follows:
“There is a correlation between the price of BTC and the number of addresses containing $100 to $10k BTC.”
The crucial question to ask is whether this will be enough to push the price of BTC up in the short term. Let’s look at the other metrics for clarity.
Series analysis for 30 days
In the past 30 days, the price of BTC started declining around August 13 after recording a high of $24,424. Three days later, the unique addresses that had been circulating the King’s coin daily also began to decline.
Since Powell’s comments, daily active addresses on the BTC network have fallen by 79%. Data from Santiment showed that over the past 30 days this has fallen by 81%.
It is well known that while the past performance of an asset’s daily active titles is not indicative of what to expect in the future, persistent price hikes have often gone hand in hand with increased title activity. This means that the network is healthy and there is an accelerated transfer of value between the various investors.
If this drop in daily active addresses on the BTC network continues, a BTC price record of any significant price growth in the near term may be out of reach.
In addition, the rise in the price of crypto assets is closely related to the increase in their social activity. A common social metric to consider in this regard is emotion weighted.
This shows the average market sentiment/sentiment towards any asset. On an average of 30 days, as the bitcoin price gradually declined, the market was in a bearish atmosphere. Therefore, a negative value of -0.28 was recorded by the currency-weighted sentiment scale.
However, despite the general decline in the cryptocurrency market caused by the general decline in the financial market, investors are still optimistic about Bitcoin.
According to Santiment data, the total amount of BTC present on exchanges has decreased from 10.18% of the total Bitcoin circulating supply to 9.07% over the past 30 days.
This continued decline could trigger a “supply shock,” which could push the bitcoin price higher in the short term if aggregate demand remains unchanged.