{"id":197423,"date":"2021-03-09T06:06:35","date_gmt":"2021-03-09T03:06:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/glassnode-47k-showed-strongest-on-chain-support-since-btc-broke-11k\/"},"modified":"2021-03-09T06:06:35","modified_gmt":"2021-03-09T03:06:35","slug":"glassnode-47k-showed-strongest-on-chain-support-since-btc-broke-11k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/glassnode-47k-showed-strongest-on-chain-support-since-btc-broke-11k\/","title":{"rendered":"# Glassnode: $47k showed strongest on-chain support since BTC broke $11k"},"content":{"rendered":"<p>&#8220;<strong># Glassnode: $47k showed strongest on-chain support since BTC broke $11k  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.<\/p>\n<p>According to a March 8 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-10-2021\/\">report<\/a> from Glassnode, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 1.2 million Bitcoin were moved on-chain as BTC\u2019s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.<\/p>\n<p>Glassnode CTO Rafael Schultze-Kraft <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1368589854045536256?s=20\">noted<\/a> that roughly 6.5% of Bitcoin\u2019s circulating supply moved on-chain as support was established.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This support is holding nicely.<\/p>\n<p>And it got stronger! We now have a wall of 1.2M <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> that moved on-chain between $46.6k and $48.6k.<\/p>\n<p>That&#8217;s 6.5% (!) of the circulating supply.<\/p>\n<p>I&#8217;d be surprised if we go below anytime soon.<\/p>\n<p>I was long at &lt;$50k, and am long now anyways.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/eXcOhSmzbF\">https:\/\/t.co\/eXcOhSmzbF<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Gj3TFHVADW\">pic.twitter.com\/Gj3TFHVADW<\/a><\/p>\n<p>\u2014 Rafael Schultze-Kraft (@n3ocortex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/n3ocortex\/status\/1368589854045536256?ref_src=twsrc%5Etfw\">March 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>While Glassnode suggested the large Bitcoin movements could be indicative of accumulation, the firm acknowledged the spike in on-chain activity could also be attributed to sellers racing to get their coins onto exchanges:<\/p>\n<blockquote><p>\u201cAn important question we must ask is whether this volume on-chain is associated with accumulation, or is it instead a rush for the exits by sellers.\u201d<\/p><\/blockquote>\n<p>However, the report\u2019s authors noted that the number of Bitcoin held on exchanges has continued its recent trend of decline, with 32,500 BTC being withdrawn from centralized platforms this past week.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/94b67936-d7c0-4b91-af3f-7de0916c8676.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin UTXO Realized Price Distribution. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.UtxoRealizedPriceDistributionPercent\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>On-chain settlement has also been surging, with Glassnode reporting that more than $10 billion has been settled on the Bitcoin network each day on average this year. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1368969421046288385\/photo\/1\">data<\/a> shows that daily settlement has exceeded $16 billion five times in 2021 so far.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user \u201cjtf.capital\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jtfcap\/status\/1368973623604752397?s=20\">noted<\/a> Bitcoin\u2019s settlement value is still \u201cbarely the equivalent of 0.2% of the daily foreign exchange market volume,\u201d emphasizing there is still \u201cplenty of room for Bitcoin to grow!\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/glassnode-47k-showed-strongest-on-chain-support-since-btc-broke-11k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Glassnode: $47k showed strongest on-chain support since BTC broke $11k &#8221; On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020. According to a March 8 report from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":197424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvMWE3NmZkMDItMTA2Yy00ZTc5LWIzYzctZmI3NjEwZWViMzU2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74894,74982],"class_list":["post-197423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-blockchain","tag-btc-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/197423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=197423"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/197423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/197424"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=197423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=197423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=197423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}