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Bitcoin market absorbs mining production and more, causing prices to surge

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Quick take

Examining the relative strengths between Bitcoin cohort accumulation and monthly issuance offers interesting insights into the current market situation. The current era is witnessing daily mining of around 900 BTC, which translates to almost 27,000 BTC per month, represented by the blue line in our analysis chart.

Separate cohorts are categorized from shrimp (holding less than one Bitcoin) to super whales (more than 10,000 BTC), in addition to tracking miners and exchanges. The analysis becomes particularly interesting when the orange bar chart, representing overall cohort accumulation, crosses the blue line of monthly emissions.

However, when the orange bar chart falls below the monthly emission line, this indicates that not all cohorts are accumulating the total monthly emission on an aggregate basis.

All cohorts in relation to the show: (Source: Glassnode)
All cohorts in relation to the show: (Source: Glassnode)

Breaking down the data, as of March 25, monthly issuance stands at 27,000 BTC, while the cohort’s overall accumulation reached 43,114 BTC. Clearly, over the past 30 days, all cohorts have collectively absorbed mined Bitcoin and purchased additional quantities from exchanges. This buying trend aligns with Bitcoin’s recent price surge above the $70,000 mark.

Conversely, a contrasting period was observed between March 3 and March 22. Cohorts accumulated less than the monthly issue. This trend has contributed to Bitcoin’s price decline from its all-time high of $60,000.

Post-Bitcoin Market Absorbs Mining Production and More, Sparking Price Surge appeared first on CryptoSlate.

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