Bitcoin Demand Strong As Ever, Says Top On-Chain Analyst – Here’s Why

Bitcoin Demand Strong As Ever, Says Top On-Chain Analyst – Here’s Why


An emerging crypto analyst is saying that demand for Bitcoin remains strong as ever according to a series of on-chain metrics.

In a tweetstorm, the analyst who goes by Dilution Proof lays out a number of clues signaling that the world’s biggest crypto asset by market cap is seeing a massive influx of buying power.

Dilution Proof points out that Bitcoin’s monthly close was accompanied by large amounts of exchange withdrawals, indicating that investors with deep pockets are buying BTC.

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The analyst also observes that BTC’s value continues to rise amid dropping Bitcoin balance on exchanges, suggesting that the leading crypto asset is being taken off the market and creating a supply crunch.

“So is there still demand for bitcoin then?

Short answer: yes

Slightly longer answer: let’s look at some trends

The declining exchange balances since last year’s COVID-19 market panic is perhaps the most famous one, and overall still is intact.”

Source: Dilution Proof/Glassnode

Dilution Proof

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