On Bitcoin’s recent on-chain strength(s) | Santiment Weekly Pro Report

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Jul 5, 2021

While Bitcoin has spent another week trading sideways (+0.67% for the past 7 days), its on-chain activity has been flashing some VERY interesting signals.

These include:

  • Bitcoin’s active addresses more than doubling in a week
  • Supply of BTC on exchanges hitting a 6-month low
  • Curious spike in ‘whale’ balances at the midweek bottom

Signs of network recovery, or just short-lived tremors?

In our weekly Pro report, we take a deep dive into Bitcoin’s latest social and on-chain activity, what it suggests about the current state of the crypto market:

Bears linger

Despite Bitcoin’s +9.1% uptick in the past 48 hours, the interest in - and general mood towards - the top coin has yet to see any major changes.

According to text data collected from over 1000 crypto social channels (including Telegram, Reddit, Twitter and more), the amount of daily

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Assets from this insight

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$ 38374.05

1.68%in last 7d