Large Holders Netflow vs Bitcoin Price📝Overview
IntoTheBlock classifies addresses based on their holdings the following way:
🐋Whales: Addresses holding over 1% of a crypto-asset’s circulating supply.
🐬Investors: Addresses holding between 0.1% and 1% of circulating supply.
🐟Retail: Addresses with less than 0.1% of circulating supply.
In most cases, any holder with over 0.1% of circulating supply of a large cap crypto-asset holds a substantial amount of funds.
Therefore, Large Holders Netflow measures the amount of inflows minus outflows pertaining to these addresses.
Spikes in netflow can be seen as accumulation from large players, while drops point to reduced positions or selling.
(Source: IntoTheBlock)
📈Analysis
Analyzing the Netflow graph of Bitcoin, Ether and main stable coins, we have an exit peak on 📅June 19, 2022, made in USDT, as shown in the green circle.
The resistance created on this day needs to be broken to confirm a bullish scenario in Bitcoin price.
Netflow
Bitcoin ready to rebound?After the pushback from the MA50Weekly and the breaking of the bearish flag, Bitcoin has screwed into a bearish trend slowed only by the 61.8% Fibonacci level, after a few days broken.
After the breakdown of the MA200Weekly there was the maximum moment of correction.
The #OnChain data indicates a massive build-up for most likely Retail users.
A rebound is more than likely (would follow SPX500 and classic markets,you can watch my analysis on SPX from a few days ago).
Next resistances among the most important in the short term, $22,300 - MA200 Weekly moving average and subsequently onchain volumes area at $23,500, then we have fibo level and onchain volumes area at 28/30 and then further resistances in the 36/40 area with the MA50Weekly.
The long-term trend remains bearish until further confirmation, but a rebound from this area is likely.
