What on-chain data reveals in Bitcoin: fundamental analysis of BTC

bitcoinFundamental analysis is known to be as important as technical analysis in. In fact, the beginning of most of the bearish or bullish seasons is interpreted according to the data of the chain.

In this article, we took a closer look at the top chain data to see if there was a downside …

Amount of BTC on exchanges

When we look at the amount of BTC waiting to be sold on exchanges, that is, the supply of BTC on exchanges, it is seen that this value has decreased again with the latest decrease. We mentioned that when there was a $ 10,000 decrease in BTC, large investors transferred their BTC to cold wallets so as not to sell it, and this situation was positive.

Again, the same situation manifested itself in the last descent. In this context, it is possible to say that with this latest drop, large investors made moves not to sell, but to buy and store BTC in their cold wallets.

On the other hand, it is seen that the miners do not sell and accumulate the BTC they obtain.

BTC supply on exchanges – Source: Glassnode

What is the situation with whales?

Knowing in which position the whale is trading, that is, the “big investor”, can often give serious ideas about the direction of the price.

When the movements of large investors with assets of more than 100, 1,000 and 10,000 BTC are examined, positive results emerge for BTC. It can be seen from the charts below that especially investors who have large amounts of BTC are buying with an average of $ 46,000.

Number of wallets with 100, 1000 and 10,000 BTC – Source: Glassnode

Swapping wallets on the exchange

When the data showing the wallet change of not only Bitcoin but also major altcoins in the last 30 days is examined, a positive picture welcomes us again. The exit rate of coins on exchanges has reached the point where BTC was at the $ 17,000 level.

As can be seen in the graph, when the quantity that flows to the stock exchanges is high (shown in green), the price decreases, while when the quantity that is issued is large (shown in red), the price increases. Currently, when this data is analyzed, it is understood that the bullish signals are still continuing and large institutional investors or are moving in the buy direction.

Net Crypto Streams Entering and Exiting Exchanges – Source: Glassnode


When the news flow is also examined, it is seen that the negative news has increased a bit recently. The uncertainty in the US, in particular, directly affects not only Bitcoin, but many other products as well. In this context, although there is no concrete news that directly affects the price, developments such as the cryptocurrency report expected from the FED should be closely followed and news flows should be evaluated during trading.

Additionally, CME futures expire on September 24, the last Friday of the month. Generally, some decrease is observed in the expiration date of the contracts. While many experts think that this is the factor that triggered today’s decline, attention still needs to be paid to September 24.

* No single data provides certainty about the address. A common conclusion must be drawn by combining the data in the form of technical and fundamental analysis and the investment must be shaped accordingly.

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