On-chain Data Roar: Three Strong Evidences for Bitcoin Engine Restart
While Asian investors are still asleep, Bitcoin's on-chain pulse has jumped to a violent rhythm. The latest monitoring from CryptoQuant shows that the 'Institutional Whale Activity Index' for Bitcoin surged violently by 400% within 72 hours, marking the most ferocious capital raid signal since the ETF approval in January.
Three-dimensional Evidence of Bull Market Restart
Exchange Offensive and Defensive Battle Intensifies: Coinbase's cold wallet saw an outflow of 28,000 BTC in nearly 24 hours, equivalent to consuming the market's miner output for 15 days. Whale Ammunition Depot in Urgent Condition: The balance proportion of addresses holding over 1,000 BTC has dropped sharply to 29.3%, a new low since the night before the March 12, 2020 crash. Leverage Slaughter Warning: The funding rate for perpetual contracts has exceeded 0.15%/8h, reaching a three-month peak, with short liquidations moving down to $58,000.
Under Currents of Capital Chess Game
• Grayscale GBTC's daily net inflow turned positive for the first time, Wall Street vultures have begun to replenish their positions.
• Tether issued 800 million USDT last night, the stablecoin war has entered a fevered stage.
• Miner Position Index plummeted to 0.68, indicating that the hash rate market is about to undergo a bloody reshuffle.
‘When the Bitcoin reserves of exchanges fall below 1.76 million, it means a real liquidity crisis is brewing.’ A risk control director from a market-making firm revealed that their quantitative model has detected a concentrated distribution of stop-loss orders worth $2.3 billion in the $63,000 to $65,000 range. At this moment, all holders stand at a crossroads of fate—will they follow the institutional whales into battle, or remain wary of a historical recurrence of 'false breakouts and true burials' as seen in June 2019?
