bitcoinAfter the bear market in 2022, the rise experienced in the new year excited the investors.
BTCWhile this rise also increased the rally expectations of investors, BTC approached the $24,000 limit.
However FED Rejected from $24,000 before the interest decision bitcoin It fell below $23,000.
In this context, the popular on-chain data platform as investors wonder whether the rally in BTC will continue. glassnode He evaluated the rise and fall in Bitcoin.
Stating that Bitcoin has appreciated by about 40% since the beginning of January, Glassnode said, BTCHe stated that the company showed its best performance in January since October 2021.
Glassnode said that the current rally in Bitcoin is due to both spot buying demand and short-term position liquidations.
“Bitcoin markets saw the strongest monthly price performance since October 2021.
This rally is fueled by both spot demand and a series of short-term sell-offs.”
FTXGlassnode stated that the negative effects of the bankruptcy of .
“The largest monthly coin outflow in history took place between November-December 2022, following the bankruptcy of FTX, reaching -200,000 BTC per month on all exchanges.
Today, we note that after FTX’s bankruptcy, the initial panic of centralized cryptocurrency exchange exits has calmed down, stabilized by newly motivated entries, and currency net flows have turned neutral, reflecting the cooling of outflows.”
Glassnode also displays the total number of incoming and outgoing exchanges. BTC He added that the amount is about $625 million a day in both directions, and that the stock market activity is whales holding 1000+ BTC.
#Bitcoin markets have seen the strongest monthly price performance since Oct-2021.
This rally is fueled by both spot demand, and a sequence of short squeezes
We explore these dynamics across derivatives markets, and spot exchanges in our latest piece👇https://t.co/yNWSv2eI2A
— glassnode (@glassnode) January 30, 2023
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!