Crypto Market's Sell Pressure Fades: Is It Time to Buy?
MilkybullCrypto (@MilkybullCrypto) tweeted yesterday that the cryptocurrency market will be interesting next week. He in his tweet included a screenshot of the Dune chart in his tweet showing that the crypto market selling pressure is almost over.
Key Takeaways
- Data suggests that sell pressure in the crypto market is decreasing.
- This could be a sign of increased stability and confidence in the market.
- The decrease in sell pressure could also indicate more investors.
Meanwhile, CoinMarketCap shows that the 24-hour volume of cryptocurrency market is around $31.26 billion. According to the Crypto Market tracking website, this is a 42.53-fold increase in his daily trading volume.
Additionally, DeFi’s total trading volume is estimated at $3.02 billion in total trading volume. This accounts for about 9.67% of the total market volume in the last 24 hours.
Stablecoin trading volume accounts for most of the market’s daily trading volume. At the time of writing, the total trading volume of stablecoins in the last 24 hours was $27.96 billion, representing 89.44% of his daily market size.
In related news, the price of Bitcoin (BTC) has been up 0.02% over the last 24 hours. This 24-hour profit added to BTC’s weekly solid performance, bringing the total profit in the previous 7 days to +2.23%. As result, the crypto market leader is trading at $27,528.07 at the time of writing.
BTC’s trading volume has decreased by about 50.62% in the last 24 hours. This reduced his daily trading volume of BTC to $12,856,864,239.
Most of his BTC trading volume in the previous 24 hours has been on centralized exchanges, with $12,880,690,500 traded on these centralized platforms.
This is reflected in the number of Bitcoin entities holding their tokens for over a year, which has continued to rise. It suggests that long-term investors are taking hold of their positions and not selling, which is reducing the selling pressure in the market.
Another critical factor that indicates a reduction in sell pressure is the decline in Bitcoin’s supply on exchanges.
According to data from CryptoQuant, Bitcoin’s supply in exchanges dropped, to its lowest point. This means that investors are moving their Bitcoin off exchanges into their wallets, implying they have no intention of selling in the short term.
This is a positive trend as these large holders can influence market movements, and their accumulation suggests that they are bullish about Bitcoin’s prospects.
GBTC provides institutions with exposure to Bitcoin without needing to hold the underlying asset, and its growth indicates a growing institutional interest in the cryptocurrency markets.
The data suggest that crypto investors are becoming more bullish with declining sell pressure, which could drive prices higher in the coming months.
The crypto market shows encouraging signs of reduced sell pressure, with long-term investors holding onto their positions and moving their Bitcoin off exchanges.
The accumulation of large Bitcoin holders and the increasing investment in GBTC suggests growing institutional interest in the market. While there are still uncertainties, it is hopeful that these positive trends will continue to drive the crypto market upward in the coming months.