Analytics firm Santiment has highlighted three key metrics indicating a potential bullish move for Bitcoin. The company shared its findings on its official website.
According to the analytics platform, three factors point to a possible increase in Bitcoin’s price:
- The average returns of wallets
- The dormancy period of coins
- The supply of Bitcoin on exchanges
Santiment notes that historically, accumulating BTC when wallet returns drop below 0% has been a profitable strategy. Currently, wallets active in the past 30 days show an average return of -2.9%, suggesting a favorable moment for buying or adding to positions.
Additionally, older Bitcoin tokens are circulating at a "healthy rate," a pattern often seen before market rallies. Santiment explains that when long-held BTC starts moving actively, it signals strong liquidity, a trend typically observed during extended bull markets.
Finally, Bitcoin’s exchange supply remains low following a major withdrawal of coins into cold storage in late 2024. Currently, 7.6% of Bitcoin is held in exchange wallets, compared to 9.92% six months ago.
What influences Bitcoin’s price?
Bitcoin’s price is influenced by multiple factors, with supply and demand playing a key role. Increased institutional interest, the launch of Bitcoin ETFs, geopolitical instability, and changes in central bank monetary policies can drive prices higher.
Regulatory decisions and macro-economic conditions also significantly impact Bitcoin's value. News about crypto bans or legalization, legal battles involving major blockchain companies, and tax policies exert strong pressure on the market.
Technical factors such as exchange liquidity levels, trading volume, whale activity (large BTC holders), and technological advancements also play a crucial role in Bitcoin’s price fluctuations.
Notably, just over a year after the launch of spot Bitcoin ETFs in January 2024, their total trading volume in the U.S. surpassed $750 billion.
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