Cryptocurrency
Large Players are in Full Bitcoin Accumulation Mode as On-Chain Activity Grows
As reported by NewsBTC, “Bitcoin has seen some notable fundamental growth throughout the past week – according to on-chain data – which appears to have come about in tandem with the benchmark cryptocurrency’s climb into the $7,000 region. “Large players within the nascent crypto market – commonly referred to as whales – have also been […]
As reported by NewsBTC, “Bitcoin has seen some notable fundamental growth throughout the past week – according to on-chain data – which appears to have come about in tandem with the benchmark cryptocurrency’s climb into the $7,000 region.
“Large players within the nascent crypto market – commonly referred to as whales – have also been fueling this fundamental growth, appearing to engage in heavy accumulation in the time following the cryptocurrency’s intense crash seen in mid-March.
“The confluence of these factors does seem to indicate that Bitcoin has some notable fundamental strength at the moment and may also mean that its short-term outlook is optimistic.
“According to a recent weekly report from research and analytics platform Glassnode, Bitcoin has seen some notable fundamental growth throughout the past week, as indicated by its transactional volume and increase in active entities.
“Within the report, Glassnode notes that change-adjusted transaction volume rose over 23% this past week…”