Bitcoin (BTC) continues to remain largely volatile as the cryptocurrency is up 5% today as of press time. From Thursday’s lows, the BTC price has recovered back to $34,500 levels. Several indicators point out that Bitcoin has been on the path of recovery, and it could be probably on the uptrend post this expiry on Friday, June 25.
As per Glassnode, the Stablecoin Supply Ratio (SSR) Oscillator has bottomed out in recent weeks and been trending. This clearly indicates that money has been flowing from stablecoins back into BTC.
On the other hand, Bitcoins are now moving from weak hands to strong hands. The 4th largest Bitcoin whale wallet has started acquiring BTC once again. During the BTC price correction earlier on Tuesday, this mysterious whale added 4,106 BTC (~$143M USD).
Previously, two weeks back, it sold 1500 BTC at $40,000. The whale started the Bitcoin acquisition in 2019 and now owns 115K Bitcoins as of now.
This mysterious whale had previously sold 1,500 BTC at the top $40k 2 weeks ago. It first started buying BTC in 2019 & now owns 115k BTC (~$4B USD) pic.twitter.com/u0HGWcoQnC
— venturefoundΞr (@venturefounder) June 24, 2021
Bitcoin Supply Drying Up But Adress Activity on the Dip
The Bitcoin supply at exchanges has once again started drying with net exchange outflows reported by Glassnode. This is a bullish indicator and could possibly help the BTC price to surge northward once again.
— Yann & Jan (@Negentropic_) June 24, 2021
However, amid the recent market volatility, the BTC price has been oscillating wildly in the range between $30K-$35K. While Bitcoin is showing signs of recovery there’s still not a considerable uptick in the address activity for Bitcoin (BTC). the Bitcoin network address activity has now reached a one-year low.
📊 #Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020 was the last time the $BTC network was this low. https://t.co/ASYxf4QlUp pic.twitter.com/HHFlRi1GCC
— Santiment (@santimentfeed) June 24, 2021
In other news, El Salvador continues its progress with Bitcoin adoption. President Nayib Bukele recently announced the country’s first Bitcoin airdrop program giving $30 worth of BTC to every registered user in the country. With El Salvador taking the lead, other Latin American nations have already started following the lead. Now, the Paraguay government has put forward the bill to make Bitcoin a legal tender.