Crypto markets saw significant activity on Friday, with Bitcoin and Ethereum experiencing a surge in leveraged and margin trades.
However, Solana’s return above $140 has attracted less attention, which some see as a bullish indicator for $SOL, as traders seem focused elsewhere.
Crypto’s big Friday led to Bitcoin and Ethereum seeing enormous new trader leveraged and margin trades opening up on exchanges. However, Solana’s own return above $140 is seeing very little. Consider this a bullish sign for SOL, as euphoric traders are looking elsewhere. pic.twitter.com/P07VBvAdOp
— Santiment (@santimentfeed) September 14, 2024
Bitcoin is now within striking distance of reclaiming the $60K mark, a milestone it hasn’t reached since late August. This recovery is being driven by a combination of mid-term accumulation by whales and sharks, and a reduction in the amount of Bitcoin held on exchanges. Together, these factors set the stage for a potential resurgence in the broader crypto market.
Bitcoin is within inches of regaining the coveted $60K market value for the first time since falling below back on August 29th. The dynamic duo of mid-term accumulation from sharks & whales, and falling levels of BTC on exchanges, sets the stage for crypto to roll again. pic.twitter.com/LHyxaK4Rci
— Santiment (@santimentfeed) September 13, 2024
A key metric to watch is the number of new Bitcoin addresses, which has risen to 330,000. The critical threshold of 350,000 is often seen as the dividing line between bull and bear markets. Historically, when the number of new addresses falls below 350K, Bitcoin’s price tends to correct. Conversely, when the count rises above 350K, it indicates renewed strength in the market and a likely upward price movement.
Bitcoin Spot ETFs And Historical Price Actions
Looking back over the past six years, new address counts dipped below 250K on three occasions—2018, 2021, and 2024—each followed by a significant price correction of over 30%. While the introduction of Bitcoin spot ETFs has brought new investors into the market, many of these are through institutions like BlackRock, with individual investors holding less direct exposure to Bitcoin.
Bitcoin yeni adres sayısının artarak 330K’ya ulaştı, kritik eşiğe (350K) ramak kaldı: Boğalar güçlü bir şekilde piyasaya dönebilecek mi?
Veriyi detaylı incelediğimizde 350K’nın boğa ve ayıyı birbirinden ayıran bir pivot olduğunu görebiliyoruz. Yeni adres sayısı 350K altında… pic.twitter.com/oSzvoAwnzn
— Burak Kesmeci (@burak_kesmeci) September 13, 2024
In the meantime, recent data shows an uptick in new addresses, with numbers stabilizing above 300K. If this trend continues and surpasses the pivotal 350K mark, it could signal the return of bullish momentum for Bitcoin. Spot ETF inflows also suggest strong institutional interest, with a net inflow of $263 million on September 13, further supporting a potential rally ahead.
On September 13, the total net inflow of Bitcoin spot ETFs was $263 million.
Grayscale ETF GBTC inflow was $6.6639 million, Fidelity ETF FBTC inflow was $102 million, and ARKB inflow was $99.2741 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) September 14, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: designer491/123RF // Image Effects by Colorcinch
