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A dive into Bitcoin’s past year as BTC devises the next move

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Amidst the tumultuous waves experienced by Bitcoin [BTC] recently, it’s imperative to delve into a comprehensive evaluation of BTC’s performance over the past year, which unravels a multifaceted journey for the flagship cryptocurrency.

Read Bitcoin’s Price Prediction 2023-2024

According to recent data from CryptoQuant, a notable trend emerged for BTC on Centralized Exchanges (CEXes). Bitcoin’s reserves on non-US CEXes, including heavyweight platforms like Binance, OKX, and Bitfinex, underwent a massive uptick of over 10% throughout this temporal span.

Source: Crypto Quant

Conversely, their counterparts on US-based exchanges such as Coinbase, Gemini, and Kraken encountered a significant dip in their Bitcoin reserves. This spanned a range from a 30% decrease to even more substantial drops of up to 50% or beyond.

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This flux in exchange reserves carries a dual impact, influencing the supply dynamics of Bitcoin while simultaneously shaping overall market sentiment.

An intriguing facet in Bitcoin’s narrative was the steady accumulation of Bitcoin by institutional players. This was further evidenced by an analysis of withdrawal and deposit records, which highlighted the consistent appetite of institutions for acquiring Bitcoin.

An illustrative example unfolded with Gemini, where a substantial outflow exceeding 20,000 BTC was observed. This represented roughly a quarter of its holdings according to CryptoQuants data.

Source: CryptoQuant

Furthering this trend, a substantial 27,700 BTC was moved from the wallet address ‘3Fup’ on the Gemini exchange. Subsequently, these Bitcoin holdings were disbursed to addresses like ‘1QB,’ ‘1Et,’ and ’35g.’

At press time, there was an interesting update from Glassnode. Recent data from Glassnode showcased that a large number of addresses were holding 1,000 or more BTC. This resulted in the number of addresses reaching a one-month high of 2,020. This was another indicator of growing interest in Bitcoin amongst larger holders.

📈 #Bitcoin $BTC Number of Addresses Holding 1k+ Coins just reached a 1-month high of 2,020

View metric:https://t.co/cjV0krRVgK pic.twitter.com/BN1Bes168K

— glassnode alerts (@glassnodealerts) August 27, 2023

The implications of heightened institutional participation in the intricate ebb and flow of Bitcoin’s pricing mechanics will only be revealed after some time has passed. Even though short-term whale interest may aid the price of BTC in the short term, it could leave retail investors more vulnerable in the future.

The interest from whales could also be attributed to the recent hype around Bitcoin ETF applications sent by major funds and institutions.

Over the course of last year, market participants displayed a heightened affinity towards derivative products, underscored by Bitcoin’s Open Interest attaining new summits which reached an all-time high since November 2022.

However, in August 2023, a significant event occurred in the world of Bitcoin. There was a considerable drop in its price due to a large number of people selling their Bitcoin holdings. This situation resembled a similar occurrence that took place after the FTX incident in November 2022.

Source: CryptoQuant

Furthermore, the put-to-call ratio experienced a fractional reduction, moving from 0.48 to 0.46 over recent days, thereby signifying an evolving market sentiment. Despite the reduction of BTC’s price, the declining put-to-call ratio indicated a growing bullish sentiment among investors.

Is your portfolio green? Check out the Bitcoin Profit Calculator

Additionally, there was a spike in Implied Volatility observed for the last few days. A spike in implied volatility for Bitcoin indicates that the market expects larger price swings in the near future. Traders anticipate more significant price fluctuations, reflecting increased uncertainty or potential upcoming events impacting Bitcoin’s value.

Source: The Block

Within this dynamic landscape, a discernible downward trend unfolded in miner revenue. The plummeting miner revenue could heighten selling pressure on miners and impact BTC’s price negatively.

Source: Blockchain.com

 

 

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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