We continue to tell scientific stories that can provide our subscribers with a different way of analyzing the cryptocurrency market outside of the normal pattern of traditional technical analysis.
Since not everything is a trend, and just as Bitcoin and other cryptocurrencies break supports, the important thing is to know the data that suggests new continuation patterns.
It is worth remembering that the data compiled here comes from reliable sources of information and does not contain a common thread between them.
All provenance or source of information is respected. The objective of this type of compilation is to show our subscribers the scientific advances and important information to evaluate the data of the different blockchains.
Back On Blue Way
During big bull runs, the miner's revenue starts to increase enormously as prices rise.
These times in the red can only occur after cooling and accumulation in the low pressure blue.
After sending a huge fake increase in miner revenue rates over 2 years due to ordinals, Bitcoin has returned to its low rate pressure accumulation mode.
It was the same thing that happened in 2019, after a huge parabolic run to the $14,000 mid-top, with a smaller red spike in revenue.
Our time in the real Red Bull race will come again!
Bitcoin network activity, particularly the dollar value of coins transferred on the network, is a compelling indicator for predicting macro uptrends.
Historically, significant spikes in this metric have often preceded BTC bull runs.
As this metric has been consolidating over the past four months, I'm looking for an increase in the total value of chain transfers before going all-in.
Bitcoin luiquidity supply has been experiencing a parabolic movement since May, 15.3 million. 80% of the current supply is now considered illiquid.
As the order book gets narrower, the explosive moves up or down get more violent. In other way, Bitcoin supply percentage of profit just dropped from 71% to 61%.
This indicates that the average 10% buy of the supply is around $28,000 to $30,000 per area. This is the key level for bulls, as many will try to break even at this point.
Showing Strong Signals
According to Fxstreet, total amount of SHIB holders, represented by the red line, climbed consistently from June 2023 to the time of writing. Interestingly, the supply on exchanges has declined, signaling a reduction in selling pressure on the asset.
Active SHIB deposits to exchanges have declined since August 19, showcasing that holders are being careful, awaiting a SHIB price recovery and the recovery of funds paused on the Shibarium mainnet bridge.
From our personal point of view, this meme coin has gained significant acceptance from the cryptocurrency community. From what we have investigated, it is a serious and consolidated project that mainly seeks to offer a mechanism to make cheaper transactions, facing Elon Musk's favorite currency.
Volume Growing Like Seed
Looking at the latest report from Ournetwork, they clearly report that PancakeSwap’s overall cumulative volume is $600B.
To date, PancakeSwap has deployed its v3 version to 6 different chains, and has generated a total of $15.4B in trading volume, with the majority of the volume being attributed to the BNB Chain, accounting for 91.7%, followed by Ethereum at 7.3%, it said the report.
In other hand, CAKE’s social dominance climbed on August 21, as seen in the Santiment chart below, reported Fxstreet..
The social dominance of the DEX token hit its highest level in 2023. This is an on-chain metric that reveals the relevance of the token among crypto holders.
It remains to be seen whether the token burn and the rising social dominance can fuel a recovery in CAKE price. This cryptocurrency could have a significant price reversal, creating a good long-term expectation for any investor. It is currently within a mid-price range, trying not to break the quarterly report.
Giants Keep Racking Up
Since Coinbase is listed as the Bitcoin custodian for the proposed BlackRock ETF, it's a possibility. Furthermore, BlackRock has an existing strategic partnership with Coinbase to accumulate their Bitcoin holdings.
The question still remains: Has BlackRock already accumulated Bitcoin, or has it yet to do so?
Recently, an entity accumulated about $3 billion worth of #Bitcoin in just 3 months without selling it.
Bitcoin long-term holder supply sees its all-time high.
The next bull run will be institutional-driven. Don't tell us that this is a coincidence and those institutions know something retailers don't.
All Or Nothing
With each cycle during the year leading up to the Halving, highlighted in the chart below, #Bitcoin has dropped below the average Short-Term Holder bid price.
Green = above baseline STH cost, red = below.
We are at a crucial moment in the cycle, we have seen a change in STH volatility. Bitcoin price broke free from a pinch zone and is now free floating in an indecision phase, historically allowing some time below the STH cost base.
Another important fact that Ournetwork brings us this week suggests that MarkeDao maintains a constant growth in its transactions and an excellent adoption of the Dai ecosystem as a stablecoin.
In the words of the report, Real-World Assets, which now represent 39.8% of all investments with a $2.04B balance. RWAs have been of interest to MakerDAO since 2020, but investments in them have ramped up slowly due to legal challenges and low TradFi interest rates.
Also, MakerDAO experienced a big trend in the shift of stablecoin holdings to Real-World Assets (mainly T-bills) through projects called Clydesdale and Andromeda. As of August 24, 2023, Maker’s expected annualized revenues is $158.5M, of which $90M is from real-world assets, said the report.
Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.
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