DePocket will continue to regularly update the analysis for the current on-chain data since the market changes are so complicated and negative. In general, today, the DePocket team perceives that the whale owning the third biggest BTC wallet has unstoppably purchased more BTC, and more stablecoins are deposited to the market.
In the first picture, this is the information about BTC to be continually purchased by the third biggest BTC wallet. According to the view of this trustworthy whale when buying more BTC in recent days, we can brainstorm that BTC is still a kind of extremely potential asset at present. Hence, big institutions plan to make the BTC price massively dump because they want retail traders and short-term holders to give up holding their BTC. Eventually, whales will rocket the price to trigger investors’ greed, and make them put the money back into the market.
In the second picture, the All Stablecoins Exchange Reserve Index shows that more stablecoins are deposited into the market. Let’s check the other one to know more.
In the third picture, we can see that most stablecoins are flown into derivative exchanges as the Stablecoins Derivative Netflow Index observes the continuous upward green columns illustrating the subtraction between stablecoins inflow and outflow is positive. In the nutshell, we can conclude that money is mostly put into derivative exchanges. This means that whales are aiming to make more profit by using future trading, and they also have not had the intention to sell their BTC yet.
The fourth picture of the Bank Reserve Index witnesses an apparent increase in its value which proves that digital banks investing in crypto have raised the total number of BTC to be held in their portfolio. This phenomenon is found to be very optimistic for an upcoming uptrend of the crypto market.
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