It seems that the crypto space is growing at a really fast pace. Check out the latest reports about the issue.
Anthony Pompliano drops a letter to investors regularly and in the latest one he addressed Will Clemente who breaks down this week’s Bitcoin situation using on-chain metrics in order to separate the signal from the noise.
Here are some highlights from his letter below.
“Supply continues to be re-accumulated by entities with little history of selling, this has vamped up heavily
Exchange flows have returned to a clear trend of accumulation, down -17,794 BTC
Hash Rate seems to have found at least a local bottom
Grayscale premium getting bid up, but share unlocking on the horizon
Finally, an uptick in positive whale activity
Stablecoins flowing in
New all time highs in users coming on the network
On-chain activity transfer is dead.”
Make sure to check out the complete letter to investors posted by Pomp in order to learn all the details.
Bitcoin miners return to accumulation
It’s been also revealed that there are some early signs of miner recovery.
Check out the following post.
— unfolded. (@cryptounfolded) July 12, 2021
Here’s what Glassnode posted in a recent blog post.
“Rapid hash-rate recovery may suggest offline miners have successfully relocated or re-established their hardware, recovering costs and likely reducing the risk of treasury liquidation sell-pressure,” the post says.
The same blog post notes that “Slow hash-rate recovery may suggest the converse, where costs and outage continue to take a financial toll, and thus increases the risk of treasury sales.”
Regarding Bitcoin price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $33,236.27.
Stay tuned for more news.