- CryptoQuant revealed that Bitcoin miners have increased their accumulation in recent weeks.
- However, the most recent data suggested that sales sentiment was dominant.
The crypto market witnessed a bull rally as most altcoins’ charts were painted green. While several of the cryptos’ recorded double-digit growth, Bitcoin [BTC] seemed to have taken a backseat.
Read From Bitcoin [BTC] Price prediction 2023-24
However, the surface level observation was untrue as the king of cryptos broke out of its $31,000 resistance.
Bitcoin is the silent performer
The altcoin market is booming as crypto prices have skyrocketed since XRP’s court ruling. XRP, in particular, registered a 24-hour increase of over 71%. BTC, on the other hand, was relatively slow moving.
According to the CoinMarketCap, the price of BTC was up nearly 4% and 4.5% respectively over the past day and week. At the time of writing, BTC was trading at $31,392.93 with a market cap of over $609 billion.
But according to Santiment’s tweet of July 14, BTC would also cross a key resistance level of $31,500 for the first time since June 2022. However, at the time of writing, it once again fell below that bar.
It was interesting to note that sharks and fish were the main contributors to this achievement. The tweet pointed out that while whales shed their assets, sharks and fish on the other side were accumulating more Bitcoin.
🥳 While the eyes are focused $XRP‘s huge run, #Bitcoin Quietly broke out of its resistance and has broken through $31.5k for the first time since June 1, 2022. Other assets may have greater returns, but don’t forget $BTC‘s meaning and how the addresses fluctuate. https://t.co/rujTjKsVi8 pic.twitter.com/jKhK9V6opm
— Santiment (@santimentfeed) July 14, 2023
In addition, the latest CryptoQuant analysis revealed that in addition to investors, miners also played a role in driving up the price of BTC. Takeronchain, an analyst and author at CryptoQuant, used the Exchange to Miners Indicator to reveal an interesting update.
According to the analysis, the miners-to-exchange indicator has experienced a moderate increase, lower than the exchange-to-miners indicator. This suggested that the miners had a stronger tendency to keep their Bitcoin holdings.
Source: CryptoQuant
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Not everything is picture perfect
While the above stats seemed ambitious, the ground reality was different. Thus, sentiment among the miners changed, as evidenced by the red Miner Position Index (MPI). Bitcoin’s aSORP was also red, meaning miners were selling their assets for a profit.
Similar selling sentiment was also revealed by the increase in Bitcoin currency reserves, which could halt BTC gains. Additionally, BTCThe buy/sell ratio of the taker showed that sell sentiment was dominant in the derivatives market, which was concerning.
Source: CryptoQuant