Bitcoin’s Accumulation Phase is Restarting: Report
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The return of digital gold prices from their November lows to the recent peak of 91% has astounded analysts due to being surprisingly small compared to the past.
This could be an indication of relatively strong demand. Network activity metrics seem to back this, with the median of transaction fees dropping to $0.16 and average value to $1.33.
However, the transferred on-chain value metric has risen by 75% year-to-date, to $4.2 billion, while the monthly moving average of transfers is now higher than the annual one, possibly pointing to an increase in liquidity and adoption of monetary assets.
Glassnode states that previous cycles that saw a shift similarly large to the current one have been the beginning of a new uptrend.
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