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    On-chain analysis shows recent Bitcoin and Ethereum buying trend

On-chain analysis shows recent Bitcoin and Ethereum buying trend

BTC was last changing hands at $37,800 and ETH at $2,565. This positive growth trend continued on Wednesday with Bitcoin rising 12%. On-chain data shows that the uptick was backed by significant spot buying on exchanges.

Jay Sharma

9 minutes

BTC was last changing hands at $37,800 and ETH at $2,565. This positive growth trend continued on Wednesday with Bitcoin rising 12%. On-chain data shows that the uptick was backed by significant spot buying on exchanges.

Bitcoin Action

Bitcoin’s net flow from crypto exchanges was negative yesterday. Around 18,800 BTC worth $630 million based on last day’s trading prices, levels not seen since February. Bitcoin’s net flow turned positive from mid-April through May. Its price also dropped during those periods. The return of negative flow indicates that investors moved more Bitcoin from exchanges to self-hosted wallets and other applications.

Ethereum Action

Moreover, the weekly net flow for Ethereum has been negative since November last year. Besides exchange outflows, there was also an increase in GBTC premiums, indicating buying demand at institutional brokerages like Fidelity and Schwab. However, the shares are still selling at a discount. The discount decreased from 12% to 7% yesterday. The discount on Ethereum’s ETHE shares, meanwhile, is 3%.

Ethereum Wallet Action

The number of whale-sized Bitcoin and Ethereum wallets also spiked yesterday, which is a positive sign for long-term bullish action. The increase in the number of Ethereum wallets was higher than in Bitcoin.

The number of addresses holding more than 10,000 ETH increased by 19, which equates to at least $4.7 billion worth of ETH added to whale wallets. The number of Bitcoin wallets holding more than 1,000 BTC (worth around $350 million) fell yesterday but is up 16 since the start of the week.

The strong on-chain data, along with the recent price increases, is a sign of strong buying volume. It marks the first accumulation sign since the crash that hit the market in May.

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Written By

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Jay Sharma

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Jay is a seasoned crypto entrepreneur and technology innovator. As the Founder and CEO of Botsfolio, he has been at the forefront of the blockchain revolution since 2017. His practical experience extends to the technical nuances of crypto mining, having successfully built and managed a substantial GPU mining operation. Jay developed a groundbreaking decentralised application for fractional real estate NFTs. This innovative project garnered significant recognition. Through his hands-on experience and analysis, he aims to provide valuable guidance and empower others to navigate the dynamic crypto landscape.

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