ChainCatcher reported on Aug. 24 that CryptoQuant analyst Axel Adler Jr said Bitcoin rose 22% in eight days, climbing from $63,000 to $77,000. He said the share of short-term holders’ profit-bearing supply increased from 26.1% to 74.9% during the same period. Adler also noted that net inflows from STHs to exchanges flipped from negative to +28,600 BTC, above the +25,000 BTC threshold. He said sustained readings above that level, combined with slowing price momentum, would raise selling risk, while flows converging toward zero and profit supply staying above 50% could allow the market to keep rising.
CryptoQuant analyst Axel Adler Jr said Bitcoin climbed 22% in eight days, moving from $63,000 to $77,000, according to a ChainCatcher report on Aug. 24.
He said the share of short-term holders’ profit-bearing supply rose from 26.1% to 74.9% over the same period.
Adler also said net inflows from short-term holders to exchanges turned from negative to +28,600 BTC, breaking above the +25,000 BTC threshold.
In his post, he said that if the metric stays above that level and price momentum slows, selling risk would rise sharply. If flows move back toward zero and the profit-bearing supply ratio remains above 50%, he said the market may continue its uptrend.
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