The level of Bitcoin on-chain activity has declined since June, sliding just as market prices sank from their yearly peak. Transactions also saw a spike in October when BTC touched $10,000 again briefly.
On-Chain Bitcoin Transactions Correlate with Exchange Price Action
On-chain transactions for BTC often coincide with heightened trading interest. This led to slowing on-chain activity, as retail holders or “whales” did not transfer funds to exchanges.
— glassnode (@glassnode) December 15, 2019
At the same time, bitcoin futures activity picked up and expanded without the need for on-chain BTC transactions. Transfers to and from exchanges also coincide with bitcoin price action. But those trends also turn relatively quickly.
The new analysis also attempts to list flows to OKEx with the exchange’s BTC price action. The tool gives more clarity about on-chain bitcoin transactions and the intention to sell.
Here is a real-time…