#Bitcoin On-chain Data Summary:

Bullish

• Hashrate Recovery: Miner capitulation is nearly over, with hashrate nearing ATH. U.S. mining costs are ~$43K per BTC, so hashrate likely stable unless prices dip below this.

• Whale Accumulation: Significant BTC inflows into custody wallets. Permanent Holder addresses increased by 404K BTC, including 40K BTC in U.S. spot ETFs over the last 30 days. New whales are accumulating.

• Retail Absence: Retail investors are mostly absent, similar to mid-2020.

• Reduced Old Whale Activity: Old whales (3+ years) sold their holdings to new whales between March and June. There is no significant selling pressure from old whales at this time.

Bearish

• Macro Risks: Macro risks could lead to forced sell-offs. There were large crypto deposits by Jump Trading recently, and Binance hit YTD high in daily deposits.

• Bearish Indicators: Some on-chain indicators turned bearish but are borderline. If bearish trends persist for over two weeks, market recovery could be challenging.

Source:

https://cryptoquant.com