Analyst: CEX bitcoin balances hit lowest level since 2017, accumulation momentum continues
BlockBeats News, December 4, according to The Block, BRN Research analysts stated that despite limited spot momentum, the fundamental structure of bitcoin is steadily improving. Timothy Misir, Head of Research at BRN, pointed out that according to data from CryptoQuant and Glassnode, exchange balances have dropped to around 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market value (monthly growth) remains positive, indicating that even as the overall market trades within a converging range, new capital continues to flow into BTC.
Misir said: "The market opened with stable and strong momentum, accumulation buying is ongoing, exchange supply is decreasing, and the price remains above the real market average. What is currently missing is a breakout above the $96,000–$106,000 range."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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