Morning update:
After bouncing nicely from the Sunday lows, we saw another drop below $54k😱 while it may be painful to watch this volatility, this is an important part of a bull cycle as it cools down an overheated market. #Bitcoin
While the on-chain indicators were not really in the alarming territory before the drop, it is safe to say that we are currently in a much healthy place🤞 #Bitcoin
The (over)reaction to the dump can be observed by looking at the social mentions, which surged by +107% compared to the day prior, reaching its highest margin since the February price top😱 This points to growing fears and short-term panic on crypto social media 👀 #Bitcoin
This can be further confirmed by the average mood of these messages. According to Santiment’s machine learning algorithm, the average sentiment towards Bitcoin flipped from overwhelmingly bullish on Friday to bearish after the drop. This usually marks the local bottom🤟#BTC
The same pattern appears in Bitcoin’s derivatives data. The funding rate on Bitmex dropped into the negative, reaching the lowest level since Jan. 28th. Let me remind you that Jan. 28th marked the start of price recovery and a push towards new highs. Will history repeat itself?🤔
While the crowd is in panic mode, whale continue to accumulate as the supply of #Bitcoin on known exchange addresses continues to drop ✅
Similar behavior can be observed when looking at miners. Their outflows continue to hover below the yearly mean, signaling a strong accumulation at those levels ✅ #Bitcoin
#Bitcoin continues to trade at a nice premium on Coinbase Pro, signaling a strong accumulation ✅
In the past 24 hours, the liquid circulating supply of $LUNA decreased by over 1.5 million. It is currently sitting at a new all-time low of 129,049,000🔥
Yesterday, the Mirror protocol token got listed on Binance as well as Huobi. Looks like major exchanges finally started to recognize the Terra ecosystem🤑
Do Kwon posted an update regarding the Columbus-5 upgrade. It looks like it is scheduled for the second week of May 👀
agora.terra.money/t/terra-core-p…
-LocalTerra just posted a demo of their protocol. Looks like they will be launching in the coming weeks🚀
Mars protocol also just published a blog giving us a bit more information about their product 😎
medium.com/@mars_protocol…
Looks like everything is getting ready for a perfect storm... Daily reduction in liquid circulating supply, Columbus-5 upgrade, Anchor integrations, Mirror V2 as well as the launch of new protocols🔥 Not sure about you but I feel bullish!
Last but not least, today's $BTC Giveaway winner is @GoldsunJasa 🙌
Please send me a DM in order to claim the reward🚀
All other participants, make sure to participate again as I will be picking winners for the rest of the month! You can also win more than once😉
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