On December 4, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin’s underlying structure is steadily improving. Timothy Misir, Head of Research at BRN, pointed out that according to data from CryptoQuant and Glassnode, exchange balances have dropped to about 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market cap (monthly growth) remains in positive territory, indicating that new capital continues to flow into BTC even as the overall market trades in a consolidation range. Misir said: “The market opened steady and strong, accumulation buying is ongoing, exchange supply is decreasing, and price is holding above the true market mean. What’s currently missing is a breakout above the $96,000–$106,000 range.”
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Analyst: CEX Bitcoin balance hits lowest level since 2017, accumulation momentum continues
On December 4, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin’s underlying structure is steadily improving. Timothy Misir, Head of Research at BRN, pointed out that according to data from CryptoQuant and Glassnode, exchange balances have dropped to about 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market cap (monthly growth) remains in positive territory, indicating that new capital continues to flow into BTC even as the overall market trades in a consolidation range. Misir said: “The market opened steady and strong, accumulation buying is ongoing, exchange supply is decreasing, and price is holding above the true market mean. What’s currently missing is a breakout above the $96,000–$106,000 range.”