Despite numerous allegations concerning the irreversible collapse of BTC price in 2018, analytical data shows that investors still see much promise in this asset.
According to statistics provided by Chainalysis, large amounts of bitcoin keep on showing up in users’ “personal wallets”, not only exchange accounts.
Experts from Chainalysis have found out that Bitcoin’s 30-day moving average of flows to investors’ personal wallets has been showing an upward trend. As at November 1, a total of $400 million worth of BTC showed up in personal wallets. Though this figure seems as a drop in the bucket, as compared to bitcoin’s current total market cap of $65 billion, back in June, when most investors were convinced in the beginning of a lengthy $6 000 – $7 000 BTC price flat, it stood at much lower $300 million level. This is why the latest average of BTC flows to personal wallets should be regarded as a bull indicator.
This data suggests that investors are trying to dip-buy bitcoins, which corresponds well to prevalent general attitudes, they explained in Chainalysis.
As reported earlier, a renown bitcoin bear Mark Dow has recently closed his “epic short” in expectation of the BTC market trend reversal.