Approximately 6.5% of Bitcoin’s circulating supply moved on-chain while the markets found support at $47k, representing “one of the largest on-chain BTC accumulation levels” ever.
On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.Glassnode CTO Rafael Schultze-Kraft noted that roughly 6.5% of Bitcoin’s circulating supply moved on-chain as support was established.This support is holding nicely.And it got stronger! We now have a wall of 1.2M $BTC that moved on-chain between $46.6k and $48.6k.That’s 6.5% (!) of the circulating supply.I’d be surprised if we go below anytime soon.I was long at
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