Coinglass data shows Bitcoin’s liquidations accounted for $25.30 million of the $123.13M withdrawn from the crypto market within the past day.
While publishing this post, the leading digital coin traded at $19,857. BTC last explored this zone in July when bulls initiated uptrends after dominating the marketplace.
However, FUD from Friday’s Powell comments saw the bellwether crypto surrendering 7% of its value. Meanwhile, Santiment revealed that crucial whale wallets increased their $BTC holdings over the previous month, regardless of consistent BTC price plunges.
Addresses with 100 – 10,000 $BTC have increased by 103 within the past 30 days. That brings total wallets in this category to 15,848 addresses.
Santiment trusts that’s a positive signal. The question lingers, can this be enough to support an uptick in BTC price in the near term? Other metrics could clarify.
On-Chain Analysis
The past 30 days saw Bitcoin price kick-starting a downward journey on August 13 after hitting the $24,424 high. The following three days saw new daily addresses resorting to downtrends. Bitcoin network has seen daily active addresses plummeting by 79% since Powell’s hawkish comments.
Meanwhile, the metric slumped by 81% within the past month, according to Santiment data. Though the addresses’ past performance doesn’t indicate future expectations, stable price rallies often follow surging address activity.
That means a healthy network and accelerated value transfer between various investors. Continued daily active address slumps would hinder substantial price growth in the near term. Furthermore, sustained rallies in crypto correlate massively with surged social activity.
In this context, we may consider the asset’s weighted sentiment. It indicated the average market sentiment/mood on any token. The bitcoin market noted a bearish atmosphere within the past month, following gradual price declines.
Nevertheless, investors are bullish on Bitcoin regardless of the overall crypto market fall and broad financial space crash.
Santiment revealed that the total BTC amount on exchanges dropped from 10.18% to 9.07% within the past 30 days. The continued decline might induce a supply shock. And it could propel Bitcoin’s price high in the near term, provided aggregate demand stays unaltered.