Reading Time: 2minutes The Bitcoin Dormancy Flow has indicated that Bitcoin is in a ‘buy zone’ The metric, which considers the movement of long-held coins, last fired in May 2021 The chart shows that price increases often follow drops into the buy zone Bitcoin is in the ‘buy zone’ according to a metric that has only fired such a signal on five other occasions since 2011. The Dormancy Flow chart shows Bitcoin’s market cap compared to the USD value of annualized destruction, which refers to the amount of time coins are held in wallets, and current data suggests that a price reversal could
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Almost 30,000 Bitcoin leaves major exchanges in a single day as buyers copy miners in taking the BTC supply off the market.
Bitcoin (BTC) investors are voting with their wallets as one-day outflows from major exchanges near 30,000 BTC.
Data from on-chain analytics firm CryptoQuant shows that on Jan. 11, 29,371 BTC left exchange order books — the most since Sep. 10.
The four-month high in outflows corresponds to short-term optimism returning on Tuesday as BTC/USD bounced and maintained levels above $42,000.
The pair subsequently went on to hit local highs of $43,150 before consolidating, this nonetheless a different turn of events to the widely-predicted cascade towards $30,000.
While such an outcome remains a topic of debate, buyers seem comfortable entering the market above $40,000.
For context, even the bounce which sparked the run to all-time highs at the end of September failed to produce as much buyer uptake as Tuesday.
“Volumes are thin. That means the market can have huge moves up or down easily,” Samson Mow, CEO of Blockstream, commented on the status quo:
“Given that we had a big move down already, and everyone is buying like no tomorrow, I’d say the next move is up.”
CryptoQuant tracks a total of 21 exchanges for its order book data. Last week, separate data focused on what one analyst described as a “crazy” imbalance between bids and asks, indicating that bears were finally beginning to tire of selling.
Buyers get bolder
Spot buyers were previously the main cohort missing from interest in BTC at current price levels.
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Jack Dorsey, former Twitter CEO and founder revealed new plans to create a Bitcoin Legal Defense Fund in association with Alex Morcos, founder of Chain-co labs, and Martin White, a computer science teacher from the University of Sussex.