BlockBeats news, December 4th, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin’s underlying structure is steadily improving. Timothy Misir, Head of Research at BRN, pointed out that according to data from CryptoQuant and Glassnode, exchange balances have dropped to around 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market cap (monthly growth) remains positive, indicating that even while the overall market is trading in a consolidation range, new funds are continuously flowing into BTC. Misir stated: “The market opened steadily and strongly, accumulation buying continues, exchange supply is decreasing, and the price remains above the true market average. What is currently missing is a breakout of the $96,000–$106,000 range.”
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Analyst: CEX Bitcoin balance hits lowest level since 2017, accumulation momentum continues
BlockBeats news, December 4th, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin’s underlying structure is steadily improving. Timothy Misir, Head of Research at BRN, pointed out that according to data from CryptoQuant and Glassnode, exchange balances have dropped to around 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market cap (monthly growth) remains positive, indicating that even while the overall market is trading in a consolidation range, new funds are continuously flowing into BTC. Misir stated: “The market opened steadily and strongly, accumulation buying continues, exchange supply is decreasing, and the price remains above the true market average. What is currently missing is a breakout of the $96,000–$106,000 range.”