A closely followed on-chain analyst says that investors are pulling out massive amounts of Bitcoin (BTC) over the last week.
Popular analyst Ali Martinez says in the second week of December, market participants took out nearly $4 billion worth of BTC from crypto exchanges.
Citing data from digital asset analytics firm CryptoQuant, Martinez details a steady downtrend in the overall balance of BTC on crypto exchanges.
“Another 40,000 BTC were withdrawn from exchanges over the past week, totaling over $3.92 billion!”
However, Martinez also says that Bitcoin miners have unloaded massive amounts of BTC during the first half of the month.
“So far in December, Bitcoin miners have sold over 140,000 BTC, totaling $13.72 billion!”
Despite the selling pressure from miners, Bitcoin appears unfazed now that BTC has hit yet another all-time high, currently trading at $105,331, up 5.7% in the last week.
Looking at Ethereum (ETH), Martinez details three on-chain metrics flashing bullish for the top smart contract platform by market cap.
“On-chain metrics for Ethereum are looking strong this week:
– Active addresses up 4.24%
– New addresses up 2.65%
– Zero-balance addresses down 4.06%
Momentum is building for ETH!”
At time of writing, ETH is trading right above the $4,000 mark, moving sideways over the last week.
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Author: Alex Richardson
