{"id":332742,"date":"2021-08-31T13:27:37","date_gmt":"2021-08-31T10:27:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report\/"},"modified":"2021-08-31T13:27:37","modified_gmt":"2021-08-31T10:27:37","slug":"remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report\/","title":{"rendered":"# \u2018Remarkable\u2019 on-chain metrics could spell Bitcoin, Ethereum bull market return \u2014 New report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a416936e4a9a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a416936e4a9a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report\/#BTC_ETH_data_mimics_%E2%80%9Cmid_to_late_2020%E2%80%9D\" >BTC, ETH data mimics \u201cmid to late 2020\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report\/#Bitcoin_token_transfers_hit_a_two-year_high\" >Bitcoin token transfers hit a two-year high<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># \u2018Remarkable\u2019 on-chain metrics could spell Bitcoin, Ethereum bull market return \u2014 New report <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) and Ether (ETH) have started showing \u201cremarkable\u201d bullish divergences that echo the start of bullish price trends.<\/p>\n<p>That\u2019s according to the latest data collected by on-chain analytics firm Glassnode this week. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_ETH_data_mimics_%E2%80%9Cmid_to_late_2020%E2%80%9D\"><\/span>BTC, ETH data mimics \u201cmid to late 2020\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In its latest weekly\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-35-2021\/\">report<\/a>, \u201cThe Week On-chain,\u201d Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish sentiment.<\/p>\n<p>\u201cAs the Bitcoin and wider cryptocurrency market rallies higher, a remarkable on-chain divergence continues to form across both Bitcoin and Ethereum,\u201d the report summarizes. <\/p>\n<blockquote><p>\u201cOn-chain activity on both chains has remained quiet relative to bull market highs, even as price momentum continues upwards, and bullish trends in supply dynamics remain in play.\u201d<\/p><\/blockquote>\n<p>The signs are everywhere \u2014 from mushrooming network participation to record transaction value, Bitcoin and Ethereum are anything but quiet under the hood.<\/p>\n<p>Active entities on the Bitcoin blockchain are particularly noteworthy. Despite prices being near $50,000, these are still one-third below all-time highs but growing rapidly.<\/p>\n<p>\u201cIt is notable that current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020,\u201d analysts added.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/f1a851d3-43b0-417a-b2cc-4827f30735a3.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin active entities annotated chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>The disparity between these on-chain tendencies and price action is already well known\u00a0and bears similarities to the crypto market of Q4 2020, just before the latest bull market really took off.<\/p>\n<p>\u201cWhilst the divergence between price and on-chain activity is historically abnormal for a full scale bull market, it is not an uncommon signature for the pre-bull, and pre-supply-squeeze dynamic,\u201d the report continues. <\/p>\n<blockquote><p>\u201cThese periods often accompany the end of bear market accumulation where the investors who remain, are the strong hands, those with the highest conviction.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_token_transfers_hit_a_two-year_high\"><\/span>Bitcoin token transfers hit a two-year high<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One nuance focuses on transaction numbers. These are likewise almost 40% below their peak, but in terms of BTC transferred, Bitcoin had its biggest week in two years this month.<\/p>\n<p><strong><em>Related:\u00a0Betting on a Bitcoin bull run? Not in September, BTC price data says<\/em><\/strong><\/p>\n<p>\u201cThese transactions were not from exchanges,\u201d Ki Young Ju, CEO of fellow analytics firm CryptoQuant, commented, providing several possible explanations for the numbers.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Tokens Transferred (not entity-adjusted) hit a two-year high a few days ago.<\/p>\n<p>These transactions were not from exchanges.<\/p>\n<p>Possible explanations would be:<br \/>1\/ OTC deals<br \/>2\/ Whales moved due to regulations<br \/>3\/ Unlabelled exchange wallets moved for security or regulation reasons <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4g60n9xhEM\">pic.twitter.com\/4g60n9xhEM<\/a><\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1432586504497336322?ref_src=twsrc%5Etfw\">August 31, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Should the status quo continue, the outlook for BTC and ETH price action is rosy, Glassnode concludes, adding that only \u201caggressive selling\u201d of coins that have not moved for an extended period of time would constitute an invalidation of the bull signals.<\/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\/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# \u2018Remarkable\u2019 on-chain metrics could spell Bitcoin, Ethereum bull market return \u2014 New report &#8221; Bitcoin (BTC) and Ether (ETH) have started showing \u201cremarkable\u201d bullish divergences that echo the start of bullish price trends. That\u2019s according to the latest data collected by on-chain analytics firm Glassnode this week. BTC, ETH data mimics \u201cmid to late&#8230;<\/p>\n","protected":false},"author":1,"featured_media":332743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvODM1NTk4YTAtNGRiOC00OTQ4LTlhYjYtMDlhODM0MzNlMTM0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82402,74891,73785],"class_list":["post-332742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/332742","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=332742"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/332742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/332743"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=332742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=332742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=332742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}