A recent report By CryptoQuant analyst, known as Crazzyblockk, has explored the implications of Bitcoin inflow metrics on Binance and their potential impact on market sentiment.
The analysis offers insights into how short- and long-term participants view the current state of the market. The analysis also comes like that of BTC. the price remains the same its price above $100,000, after claiming it a few days ago.
BTC Market Sees Optimism Amid Binance Entry Trends
Recognized as one of the largest cryptocurrency exchanges globally, Binance remains instrumental in shaping the Bitcoin trading landscape.
According to Crazzyblockk, the average realized price of Bitcoin deposits on Binance currently stands at $63,000. Despite this all-time high price level, the Inflow CDD (Coin Days Destroyed) metric remains low.
This data indicates a notable pattern among Bitcoin investors, showing a “nuanced interaction” between market confidence and commercial activity.
Crazzyblockk revealed that the low inflow CDD metric reveals that Bitcoin deposits on Binance are mainly coming from short-term holders or new market entrants rather than long-held coins.
This trend suggests that long-term investors continue to adopt a “hodl” strategy, refraining from liquidating their assets despite Bitcoin’s situation. price volatility. The analyst added that this reluctance by experienced investors to sell their holdings points to a sustained belief in Bitcoin’s long-term potential.
Crazyblockk wrote:
These trends reflect a reduction in selling pressure and growing optimism in the market. Binance’s ability to attract substantial inflows further cements its reputation as a trusted exchange, making it a critical hub for institutional and retail investors in the changing cryptocurrency landscape.
Bitcoin Market Performance and Outlook
Until now, Bitcoin continues to maintain its price above the $100,000 price mark. Although it recently attempted to renew its all-time high (ATH) of $103,679 after trading above $102,000 earlier this week, it has again faced a correction and is now trading at $101,090.
This trading price puts BTC up 2.7%. decrease away from its high and a drop of 0.5% in the last day. Regardless of these corrections, a recent analysis by a CryptoQuant analyst known as Datascope has revealed that the Bitcoin Bull and Bear Market Cycle Indicator is currently within the bull market.
The analyst also added:
As long as the 30-day Bull and Bear Market Cycle Indicator moving average remains above the 365-day Bull and Bear Market Cycle Indicator moving average, the long-term outlook remains positive.
Meanwhile, VanEck, one of the largest investment management companies in the United States, has recently predicted an ambitious $180,000 price target for BTC should the US finally launch a BTC reserve.
RIGHT IN: $118 billion VanEck predicts $180,000 #Bitcoin and the United States will adopt a strategic BTC reserve in 2025
pic.twitter.com/s7lnNgkyhn
– Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
Featured image created with DALL-E, TradingView chart
Fountain: NewsBTC.com
