The CryptoQuant PnL Index has given a decisive buy signal for Bitcoin (BTC), which happens when the index (the dark purple line) goes above its 365-day moving average. Although it is still possible for the index to fall back below, the CryptoQuant PnL Index has issued this signal (light purple line). Throughout history, the index crossing has often been seen as heralding the start of bull markets.
Weekly #Bitcoin Highlights (2023.01.26)
"CryptoQuant PnL Index Confirms Ealy Bull Market For Now."
Link 👇https://t.co/cTDbphFj57
— CryptoQuant.com (@cryptoquant_com) January 26, 2023
CryptoQuant: Not all whales are bullish yet
Even though Bitcoin has entered the early BULL stage, the amount of Bitcoin entering exchanges has been quite stable. In addition, Bitcoin whales, or huge holders with more than 1,000 Bitcoin, have not yet transferred a significant quantity of their currency to exchanges. There was an increase in the number of coins that were between 12 and 18 months old that entered exchanges, which may be seen as a reflection of the spending patterns of long-term holders (3,390 BTC on January 18, when BTC crossed $21,000). Once the price of bitcoin reached $20,000, a significant rise in the amount of bitcoin flowing into exchanges was noted (5,592 BTC on January 19). This was witnessed in the case of miners.
What do the charts say?
According to CoinMarketCap, Bitcoin, recently endorsed in Texas, has been on a bull run for the past few days amid a significant bearish run in Q4 of 2022. Bitcoin, trading at $23,037 at the time of writing, had recorded a 1.71% increase within a period of 24 Hours. Over the past week, Bitcoin has seen a 10.8% increase giving a clear indication that bulls now have a grip on the market.
Bitcoin’s market cap also saw a 1.7 % increase coming to $443,405,416,534 at the time of writing. The trading volume has also seen a staggering 16.7% increase in the last 24 hours bringing its total trading volume to $31,307,939,300. Bitcoin currently has a circulating supply of 19,272,968 BTC.
CryptoQuant on ETH
According to CryptoQuant analysis, staking is gaining traction on Ethereum as the amount of activity on the ETH network grows. The total quantity of ETH that has been staked has hit a new all-time high of 15.9 million, which accounts for more than 13% of the entire supply of ETH. The record quantity of Ether that has been staked is the direct outcome of a rise in the total amount of Ether that has been deposited and staked. During this period, there has been a rise in the amount of activity on the network due to the growing number of active addresses and transactions.
