According to Glassnode, recent BTC (BTC) outbreaks have been accompanied by a massive surge in exchange volume activity on the chain.
Unlike normal trading volume, which is often artificially inflated by exchanges, activity on the chain can be more indicative of real patterns. Interestingly, the only account that has experienced a declining trend is the number of exchange deposits. It could be a bullish signal by itself.
700% increase in DAI / USDT
Last week's data also showed a significant increase in off-chain trading volume. For example, the BTC / USD pair increased by 70% in the largest bounce since April. DAI / USDT rose more than 700% over the same time period.
Bloomberg believes the basics indicate that Bitcoin will exceed $ 12,000 this year, if not higher. Because of the tremendous pressure that occurred in the past 24 hours, some are beginning to wonder if Bitcoin can break $ 20,000 all the time.