Bitcoin breaking the down-trending price action as it climbed to $15,400 has been no less than an impressive streak. Despite the fact that Bitcoin has still some way off its peak of around $20,000, its mammoth rally cannot be undermined. And as it aimed to breach $16,000, it is important to underscore the striking resemblance of its current metrics to that of its previous bull run.
The blockchain intelligence platform, Glassnode also noted that the current short-term holder activity is reminiscent of previous bullish trends. According to it, Bitcoin Short-Term Holder MVRV has been holding a positive ratio for the past six months. Additionally, it bounced off the neutral line yet another time. Gauging historically, holding this support level essentially evidenced the ongoing bull market.
This further indicated that if BTC happens to recover strongly from the latest downside correction, the chances of an extended rally could rise.
Against a backdrop of macro uncertainty, Bitcoin’s recent rally has managed to steal the limelight from various other aspects of the cryptocurrency industry. Bullish signs for the world’s largest cryptocurrency continued to pile up as it rallied from a little below $11,000 to its press time price. To top that, multiple on-chain metrics also match the positive sentiment around Bitcoin.
New Money Enters Bitcoin Market
One of the main drivers for the latest surge was the high net-worth individual players. Here’s how.
According to the latest Glassnode chart for Bitcoin’s Mean Transfer Volume, a considerable surge can be noted indicating that more and more participants were entering the BTC market. It is important to note that this does not imply total value transferred on-chain, rather this metric highlighted the investors belonging to the high network individuals cohort.
In tandem with the recent market surges, the attached chart depicted the rising activity of these investors.
Bitcoin Whales Emerge Again
The latest Bitcoin Volatility Report by Kraken also noted that historically, November is the best yielding month when looking at median performance and the best performing month, on average.
While the latest pullback from $15,800 to the current price level was driven by a brief sell-off phase, the accumulation trend still remained strong. Echoing a similar sentiment, the latest Kraken report also mentioned that the BTC whales were on an accumulation trend which could potentially drive further appreciation in its valuation.