Posted inCryptocurrency

Bitcoin Bull Run: Insights from On-Chain Data

Introduction

After Monday’s market turbulence, questions arise about the resilience of Bitcoin’s bull run. However, Ki Young Ju, founder and CEO of CryptoQuant, remains optimistic. Let’s explore the on-chain data that sheds light on Bitcoin’s current trajectory.

1. Bitcoin Hashrate: A Strong Foundation

  • The Bitcoin hashrate, measuring computational power in mining and transaction processing, approaches an all-time high (ATH).
  • Ju observes that miner capitulation is waning, with hashrate nearing ATH.
  • Stable US mining costs (around $43K per BTC) suggest resilience unless prices plummet.

2. Whale Behavior: Accumulation Signals

  • Large-scale investors (whales) exhibit significant BTC inflows into custody wallets.
  • Permanent Holder addresses show a 404K BTC increase, including 40K BTC in US spot ETFs over the last 30 days.
  • New whales are actively accumulating, reinforcing bullish sentiment.

In summary, despite recent market volatility, on-chain data points to Bitcoin’s enduring strength. The bull market remains intact, fueled by robust hashrates and strategic whale behavior.