On-Chain Analysis | ForkLog

ForkLog 13 04.07.2024

Bitcoin’s Potential Drop to $50,000 Raises Concerns

A “double top” reversal pattern is forming on the Bitcoin chart. Miners, ETF buyers, and hodlers are selling, with a reversal possible if stablecoin supply increases. Investors continue to bet on ETH-ETF approval by purchasing call options for September-December. A sharp decline in Bitcoin may not stop at $57,000 and could push the price down […]

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ForkLog 31 03.07.2024

Arkham Assesses Justin Sun’s Cryptocurrency Holdings

The digital assets owned by Tron founder Justin Sun have been valued at $1.04 billion, according to data from Arkham Intelligence. Justin Sun is well known in crypto as an entrepreneur, angel investor, and TRON Founder. Our research team wrote an article analyzing Sun’s on-chain holdings across both Ethereum and Tron, in his wallets tagged […]

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ForkLog 12 03.07.2024

Key Levels That Could Revive Bitcoin’s Momentum

A decisive breakthrough of Bitcoin above $64,000 would return a significant volume of coins held by short-term investors to profitability, potentially reigniting its growth trajectory. This conclusion was reached by Glassnode. Analysts have warned of the potential for a strong directional price movement amid historically strong volatility compression. From the perspective of the MVRV ratio, […]

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ForkLog 9 01.07.2024

Bitcoin Faces Resistance at $65,000, Say Experts

The resistance level for Bitcoin’s current rebound could be $65,000. July is typically a strong month for digital gold, but the Mt.Gox factor may be more significant. Upcoming US presidential elections and macroeconomic data could steer the leading cryptocurrency back onto a growth trajectory. To continue its rebound from June lows, Bitcoin must surpass the […]

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ForkLog 8 28.06.2024

CryptoQuant Observes Reduced Selling Pressure from Bitcoin Miners

The supply overhang of bitcoins from miners has significantly decreased, according to data from CryptoQuant. Experts noted that this group of market participants has recently contributed to the decline in prices. The driver was the halving that took place in April, which rendered older mining devices economically inefficient. This change forced owners to sell off […]

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ForkLog 4 26.06.2024

Indicators Suggest Bitcoin May Have Hit a Local Bottom

Over the past three weeks, the price of the leading cryptocurrency has fallen by 15% from $70,000. However, after a noticeable rebound on June 25 from $60,000, signs of a potential local bottom have emerged. This conclusion was reached by CryptoQuant. From an on-chain analysis perspective, the quotes crossed the realized price level of short-term […]

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ForkLog 7 20.06.2024

Bitcoin Whales Offload $1.2 Billion in Fortnightly Sales

The largest Bitcoin holders, including miners, have reduced their positions by $1.2 billion over-the-counter in the past two weeks, according to estimates from CryptoQuant. #Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers. ETF netflows are negative with $460M outflows in the same period. If this ~$1.6B in sell-side liquidity […]

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ForkLog 19 20.06.2024

QCP Capital: Options Market Bets on Ethereum’s Rise to $4800

Despite uncertainties surrounding the approval timeline for an ETH-ETF, a demand capturing 10-20% of inflows into BTC-ETF could push Ethereum’s price past $4000, with a subsequent rise to $4800. This scenario is reflected in the options market, according to QCP Capital. QCP: Despite uncertainty around the reception of the ETH ETF, capturing 10-20% of Bitcoin […]

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ForkLog 16 19.06.2024

Bitcoin Faces Potential Drop to $60,000 if $65,800 Support Breaks, Says CryptoQuant

Bitcoin has neared the aggregate breakeven level for speculators (~$65,800). This mark will act as support, and if breached, could trigger a correction down to $60,000, according to analysts at CryptoQuant, reports The Block. Experts believe that traders closing arbitrage deals have intensified downward pressure on the price of the leading cryptocurrency. Currently, the market […]

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ForkLog 23 19.06.2024

Glassnode: Bitcoin Awaits Decisive Price Movement to Break Stalemate

Bitcoin has entered a range-bound trading phase, sustained by sufficient demand to absorb partial coin distribution by hodlers. A decisive price movement in either direction is needed to invigorate the market, according to Glassnode. Despite choppy price action, the unrealized profit of #Bitcoin investors remains constructive. However, volumes across all market facets are declining markedly […]

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ForkLog 19 19.06.2024

“A whale that slept for 100 years transferred all the world’s bitcoins to FTX”: a critical look at on-chain analytics

The rise of crypto has spawned entire business lines and disciplines. One of the most popular is on-chain data analytics. This field uses information about the behaviour of users and investors to anticipate price moves. Such analysis is built on, or incorporates, data taken from blockchains. Despite its convenience for professional traders and casual users […]

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ForkLog 28 17.06.2024

On-Chain Data Reveals Only 25% of ADA Holders Are Profitable

Cardano’s native token has declined nearly 10% over the past week, reaching $0.4. At this price, only 25% of holders are in profit, according to data from IntoTheBlock. ADA token metrics. Data: IntoTheBlock. 28% of the total ADA supply is held by large investors. The coin exhibits a moderate level of whale control, which could […]

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