Bitcoin dips. What's next?

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Santrends
Feb 22, 2021

Assets covered: Bitcoin (BTC)

Metrics used: Exchange Inflow, Holders Distribution, MVRV, Network Profit/Loss, Social Volume, Mean Dollar Invested Age.

Summary: Some of the interesting and concerning signals about Bitcoin before the dip and where we are now.



1. Exchange tsunami

This was quite a scary signal, an exchange inflow spike on top. The biggest spike since the start of the year suggesting a rising sell-side pressure as some speculators probably rushed to sell another ATH. It didn’t take long for Bitcoin’s price to react to this sell-off wall.



2. Few groups of holders selling together


There was some interesting activity in Bitcoin whale addresses. Holders from 1k to 10k BTC were dumping:

Shrimps and crabs (0.1 - 10 BTC) also in quite an aggressive decline:

They are also seem to be not convinced of the rally. It looks scary. Retail

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Assets from this insight

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BitcoinBTC

$ 58008.01

2.23%in last 7d
1