#onchain #analysis
#BTC #short_term
We haven't found the bottom yet, but we may be in the final stages
In the last few days the activity of very long term currencies (Above 12/6/18 months) has been intensifying on the network. The Spent Output of these coins indicates strong entry movement on exchanges.
When we look at what kind of exchanges these coins are going to, the scenario is clear, strong entry into derivatives exchanges shows two things in my view: a part of more experienced investors start structuring hedging positions against the fall and less experienced investors try to speculate in the current high volatility.
To conclude, an important indicator at this point is also the base mining cost. In the indicator presented, the upper band shows the total cost was at 34k, the electricity cost that is the lower band is at 20k, which was never lost in other bear bottoms.
In this perspective with LTHs selling and a possible selloff of miners, we may have more short-term selling pressure.
