'Panic markers' pop up in Bitcoin's on-chain data

Profile picture
Ibis
Jun 22, 2021

Well well, if it isn’t the sky falling down on Bitcoin to start the week.


At the time of writing, the top coin is barely hanging on to the $31.5k support and the bears are already flooding my timeline with confident sub-30k calls.


But what does the data say?


First off, in my experience, Bitcoin’s on-chain data is usually pretty boring on Mondays, relatively speaking. This Monday, however, is looking like a real doozy.


We’re already seeing a slow-but-steady growth in the amount of BTC moving to exchanges, pointing to a new wave of sell-offs as BTC gets dangerously close to a 5-month low:

BTC, exchange inflow, past 3 months (Source: Sanbase)

At the same time, Bitcoin’s Network Realized Profit/Loss (NPL for short) has started the week with several strong dips, suggesting that coins that are active today are -

There’s more of this Insight

Choose your subscription plan

Sanbase PRO

Unlock all PRO insights
$51/mo

Years of market experience, compressed in each report

Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.

Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.

Our previous TOP calls:
WAVES crowd sentiment patternMATIC charts a new ATH: is the top in?ICX insanity. How far could it go?
insight card
signal form

What you get with Sanbase Pro:

  • Members-only daily market insights and analysis
  • 30+ on-chain, social & project indicators for 900 cryptocurrencies
  • Custom alerts for the coins' price, on-chain & social trends
  • Santiment Spreadsheet plugin with 10+ pre-made market templates
  • Personalized asset watchlists and weekly performance reports

Gain unfair advantage with Sanbase Pro

Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!

0