Just saw the data—BTC held on exchanges finally cracked 10k, which is a massive drop in available supply. Seems like everyone is moving to cold storage instead of selling. Think this is the definitive bottom signal or are we getting too bullish too early?
Just Broke 10k BTC Held on Exchanges - Is the Bottom Finally In
- Thread starter dragon0
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m1xjke1
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I'm no whale, but I did break 5k in cash and it's been a wild ride, been waiting for some consolidation to happen, if we're seeing a slow climb upwards in the next few weeks, I'll be cautiously optimistic. Would love to hear from some of the more seasoned investors on whether this is the start of something or just another minor correction.
im no expert but i think we got lucky with the bounce, not saying it's a trend reversal but a break above 10k on a margin of 4% is a good sign imo. still gotta be cautious and not get too comfy just yet, markets can turn on a dime and we saw that firsthand the past 6 months. lets see how things play out in the next 2-3 weeks.
yingl76arq
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I'm not getting too excited just yet, I've seen these kinds of breaks before only for prices to drop back down again. But I do think this is a good sign that the whales are finally starting to buy back in, now we just need to see some sustained upwards momentum.
I'm still bearish on the whole scene, exchanges holding 10k btc doesnt necessarily mean the bottom is in, we've seen this before and it ended in a deeper dive. Maybe wait for some more on chain metrics to confirm a trend reversal. Holding my breath for now, dont wanna get caught in a bull trap
