Market intelligence firm Santiment has identified three key metrics suggesting a potential bullish move for Bitcoin (CRYPTO: BTC).
What Happened: The analytics platform highlights that the average returns of wallets, the dormancy period of coins, and Bitcoin’s supply on exchanges all indicate a possible upward swing for the leading cryptocurrency by market cap.
Santiment notes that historically, accumulating BTC when wallets’ average returns are below 0% has proven to be a strong strategy. Currently, wallets active in the past 30 days show average returns of approximately -2.9%.
This suggests that buying or adding to positions could be statistically advantageous.
Additionally, older BTC tokens are circulating at a “healthy rate,” which is often a precursor to a …
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