The Bitcoin market is currently in a phase of stagnation, with both demand and supply showing signs of slowing down.
Realized Cap, a key indicator of capital inflows and outflows, remains stagnant, highlighting minimal activity in the market.
The #Bitcoin market is currently experiencing a period of stagnation, with both demand and supply sides showing signs of inactivity. The market is characterized by minimal capital inflows and outflows, as the stagnant Realized Cap indicates.
Discover more in the latest Week… pic.twitter.com/R2tw9LQd29
— glassnode (@glassnode) September 18, 2024
Long-term holders, a critical group for gauging market sentiment, now control approximately 12.6 million BTC. Recent data shows stabilization in this group, signaling a lack of movement in their holdings.
Long-term #Bitcoin holders are a crucial market signal. They currently hold ~12.6M BTC, and recent data suggests a stabilization.
Our latest idea on @tradingview dives deeper into the pattern👇https://t.co/hIZnstYCfk
— IntoTheBlock (@intotheblock) September 18, 2024
On the supply side, Bitcoin inflows into spot exchanges have remained relatively low, especially as the market awaits the Federal Reserve’s upcoming interest rate decision.
#Bitcoin inflows into spot exchanges remain relatively low ahead of the Fed interest decision.
The chart shows total inflows at the block level. pic.twitter.com/nwPa1oEebD
— Julio Moreno (@jjcmoreno) September 18, 2024
Meanwhile, short-term holders have seen their supply levels drop to lows not seen since 2012, as their Bitcoin has flowed into the hands of long-term holders.
Short-Term Holders Supply 30D Change has dropped to 2012 levels. Essentially, the supply has flowed into the Long-Term Holders cohort.
Massive HODL. pic.twitter.com/Rxus8DUp1y
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) September 18, 2024
One significant transaction came from Ceffu, which deposited 1,347 BTC (valued at $81.25 million) into Binance just an hour ago. Over the past three months, Ceffu has transferred a total of 16,123 BTC (worth $952 million) to Binance, with an average price of $59,043. This indicates substantial activity by institutional players, even amid broader market stagnation.
Ceffu deposited 1,347 $BTC($81.25M) to #Binance again 1 hour ago!
Ceffu has deposited 16,123 $BTC($952M) to #Binance at an average price of $59,043 in the past 3 months.https://t.co/yObVfoTVqz pic.twitter.com/uRJPCj0C9j
— Lookonchain (@lookonchain) September 18, 2024
Potential Upcoming Liquidation If Bitcoin Hits Over $61K
Additionally, the futures market could see significant liquidation if Bitcoin’s price surges to $61,498, with approximately $179.70 million in potential liquidations. On the ETF front, Bitcoin spot ETFs saw net inflows of $187 million on September 17, marking the fourth consecutive day of inflows. Notably, Fidelity’s ETF (FBTC) attracted $56.6 million, while Bitwise’s ETF (BITB) saw $45.35 million in inflows. Grayscale’s GBTC, on the other hand, recorded no outflows, showing stability in institutional Bitcoin holdings.
On September 17, the total net inflow of Bitcoin spot ETFs was $187 million, and the net inflow continued for 4 consecutive days. Grayscale ETF GBTC outflow was $0.00. Fidelity ETF FBTC inflow was $56.6121 million. Bitwise ETF BITB inflow was $45.3528 million.…
— Wu Blockchain (@WuBlockchain) September 18, 2024
While the market remains calm, institutional and long-term holder activity suggests that a potential shift could be on the horizon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: thodonal/123RF // Image Effects by Colorcinch
