Bitcoin on the Verge of Explosive Growth: Here's What On-Chain Data Reveal
We have seen an increase in the bullish sentiments among Bitcoin (BTC) enthusiasts. On-chain data also point towards a positive trend with more and more institutional investors joining the crypto industry.
The increase in activities from institutional investors indicates that major players are gearing up for an explosive growth in Bitcoin prices. This is further supported by the activity of whales and other big players, who are accumulating BTC, expecting to see massive returns.
In addition to this, data related to miners indicate that they’re also increasing their holdings in Bitcoin. This suggests that miners have strong confidence in the future of the leading cryptocurrency.
The miners’ behavior clearly suggests that they believe a significant gain is on its way. This is because if miners were expecting a price decline or a bear market, they would most likely sell off their holdings instead of hodling them.
Apart from miners, hodlers and institutions, we can also observe increased activity from exchanges. According to analytics provider CoinMetrics, spot exchanges reportedly took in over 4 million BTC during 2020 alone!
"In 2020 alone spot exchanges took in roughly 4 million BTC - near record highs for any year prior - suggesting demand on spot exchanges remains high," CoinMetrics wrote on Twitter recently.
Overall, all these factors point towards an explosive growth for Bitcoin. It remains to be seen what will be the actual outcome when these predictions come true.