Thread by @crypto_mystery

Morning update:

Looking at the on-chain data, we can see that the supply of #BTC on known exchange addresses is still in a downtrend which is a great sign 🤟

In fact, we have lately seen multiple large withdrawals from major exchanges which further confirm the thesis about strong accumulation taking place👀 #BTC

While some market participants keep accumulating, others aren’t too convinced in this rally. Looking at the funding rates, we can see that there are still more shorts than longs. In my opinion, this is a good sign as the crowd tend to be wrong most of the time😂 #BTC

So who is accumulating and who is selling? According to the data available on Glassnode, short-term holders are selling into the hands of long-term holders which is exactly what we want to see 👌 #BTC

The illiquid supply change metric is still continuing its trend of a strong accumulation from entities that statistically have a very low likelihood of selling. This week we’ve gotten strong confirmation of the positive trend with 7 straight fairly large green days✅ #BTC

Although the number of new whales (entities holding over 1,000 BTC) is still flat, the number of new entities coming on the network is showing a very nice W-shaped recovery 📈 #BTC

The amount of stablecoins waiting on the sidelines keep increasing and reaching new highs. In my opinion, this is extremely bullish and will result in an epic rally once we start to take off 🚀 #BTC

Looking at the newly released metric called stablecoin supply ratio oscillator we can see that capital in the form of stablecoins is actually starting to flow back into the market from the sidelines🚀 Can you see any similarity with major corrections from the past?😉

All in all, I remain bullish as no major red flags can be observed. The only thing that could be interpreted as a red flag is the falling Hash Rate but the fact that a ton of Chinese miners needed to shut down their operations and are now relocating explains this drop! #BTC