For Bitcoin investors, this metric foreshadows ‘oncoming price turnarounds’
The second financial quarter of 2022 didn’t end very well for Bitcoin [BTC]. In what can be called ‘extreme market conditions,’ the flagship crypto coin has been struggling on all fronts. Investors are left with low returns, while crypto institutions are toppling like dominoes. However, there is a silver lining here as well.
Fresh from the wounds of witnessing its worst quarter in over a decade, Bitcoin continues to divide opinions. The king coin is currently trading below $20,000 after mounting an unsuccessful comeback. However, some on-chain metrics are suggesting a possible revival of the cryptocurrency. Will Bitcoin put these torrid months behind and fulfill the ‘maxi’ prophecy now?
The whale movement has always been a major indicator of Bitcoin price action. Recently, during the Terra and 3AC crisis, whales have been accumulating BTC. Furthermore, as per data from Glassnode, whales have added over 140,000 BTC per month recently.
<p lang=«en» dir=«ltr» xml:lang=«en»>Within the extremely challenging #Bitcoin market conditions of 2022, there are three entity cohorts with very interesting dynamics:– Shrimp < 1 $BTC are stacking
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