During the holidays, the cryptocurrency industry refused to take a day off. The strong market performance of Bitcoin (BTC) and some other well-known currencies such as ETH (ETH) was compensated by a lawsuit against Ripple by the US Securities and Exchange Commission. In response, a number of well-known trading platforms including Coinbase, Crypto.com and FalconX responded by stopping trading or depositing XRP tokens.

Santiment’s latest data published in the Cointelegraph Consulting newsletter every week shows that the balance between portfolios keeping Bitcoin dormant over a period of 365 days is becoming more active. Between December 13 and December 20, more than 146,620 BTC (around $ 3.9 billion at the time of writing) that fit this description moved onto the blockchain, the highest weekly volume since July 2019.

These long-term investors tend to trade based on extensive analysis or deep market knowledge, so a spike in idle Bitcoins tends to be more indicative of major changes in market conditions and temporary price volatility.

However, with a high-profile Coinbase IPO approaching and institutional buying looming, there is reason to expect conditions to remain positive until 2021. Many investors saw the Christmas offload of $ 2.3 billion in bitcoin options contracts, the largest in one decade. day. With this accident in the rearview mirror, many investors are now optimistic that progress in 2020 will continue into the new year.

Read the entire newsletter here for more news and signals with detailed diagrams and photos.

Source: CoinTelegraph

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