Bitcoin weekly inflows to virtual currency exchanges are the third largest in history, suggesting continuation of minor selling

Macroeconomics and financial markets

In the US NY stock market on the 12th of the week, the Dow Jones Industrial Average rose by $189 (0.56%) from the previous day, rising for five consecutive days. The Nasdaq Index closed 202 points (1.53%) higher.

While 82.6% of interest rate futures markets are pricing in a moratorium on rate hikes, according to the CME FedWatch Tool, Fed Chairman Jerome Powell said he left open the door to a possible return to rate hikes at next month’s FOMC meeting. The observation of

Depending on the results of the US Consumer Price Index (CPI), which will be released at 21:30 today, there is a possibility that the prescribed course will be overturned, and the market environment that is easily shaken by important economic indicators is expected to continue.

connection:U.S. Stocks Rise Tonight, May Consumer Price Index (CPI) Results Announced | 13th Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 0.81% from the previous day to $25,988.

Amid increasing pessimistic expectations, the price did not break below the $25,300 level support line (lower support line), indicating a firm bottom.

BNB, Ada (ADA), and Polygon (MATIC), which crashed last weekend in the form of loss cuts in long futures contracts, all rebounded by 3% from the previous day, but compared to the previous week, they all dropped around 20%, leaving a big mark. .

According to Lookonchain, a whale (major investor) that held 10,000 BNB (320 million yen) for about two years may have moved to sell due to the impact of the Binance lawsuit.

1/ A whale that has been dormant for 2 years sold 10,000 $BNB ($2.3M) at $230 today.

This whale was a #SAFE MOON whale before and made 110K $BNB ($47.5M at that time) with only 10 $BNB($2,400 at that time) on #SAFE MOON. pic.twitter.com/jxuBJBcWad

— Lookonchain (@lookonchain) June 12, 2023

on-chain data

In Bitcoin (BTC), selling by major miners (miners) continues to be observed.

According to glassnode, over the past week, Bitcoin exchanges received the third largest inflow of $70.8 million.

Across the past week, #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M.

This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4

—glassnode (@glassnode) June 11, 2023

It suggests a massive BTC transfer by miners, with levels comparable to the selling pressure of the early 2021 bull market.

The rise of Ordinals (Inscriptions) and ERC-20 tokens has been pointed out as the reason for the recent activation of miners, but the rise in transaction fees has been pointed out. Sex got worse.

According to data from on-chain analytics platform Glassnode, average weekly miner revenue peaked at $33.9 million in May, but fell 25% in early June.

connection:Bitcoin Mining Difficulty Hits Record High, Hash Rate Continues to Rise

Hashrate (mining speed) and difficulty (difficulty adjustment) both continue to hit record highs, but US miners facing taxation and regulatory pressure are on their way home. The state of Texas, which accounts for about 15% of the mining capacity of the United States, is vulnerable to climate change.

connection:Massive power outages due to cold weather affect mining companies = Texas, US

On the other hand, the net position of Bitcoin (BTC) holders, which reflects the market supply-demand balance and investor sentiment, continues to be positive. The average accumulation rate per month reached 37,400 BTC.

#Bitcoin HODLers remain resolute in the face of severe adversity, continuing their regime of accumulation. Currently, the cohort are acquiring coins at a rate of +37.4K BTC per Month. pic.twitter.com/lU9mk6wO7z

—glassnode (@glassnode) June 10, 2023

Data from the on-chain data provider Santiment also observed an accumulation trend in which wallet addresses of large investors holding 100 BTC to 10,000 BTC are buying more Bitcoin at a pace of 1,000 BTC per day.

As #altcoin madness has ensued, there quietly is a #bullish divergence between #Bitcoin‘s accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur. https://t.co/Ol0cK5VhPE pic.twitter.com/FeHPqqJx7o

—Santiment (@santimentfeed) June 11, 2023

Gary Gensler, chairman of the U.S. SEC (Securities and Exchange Commission), which is increasing regulatory pressure, regards Bitcoin as a “commodity” rather than a security, and it is also affected by its lack of regulatory risk. seen to be.

Crazzyblockk, an analyst at data analysis firm CryptoQuant, compared the 2015 and 2019 price cycles with the SOPR of short-term holders for the “SOPR (Spent Output Profit Ratio)” indicator, which represents the profit margin of BTC holders.

It said the numbers were not high enough to trigger strong selling pressure going forward, and concluded that “new waves of demand will allow it to continue to grow.”

connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?

[Recruitment]Recruitment of new personnel due to Web3 business expansion

Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.

1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)

Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW

— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023

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