Recent data highlighted by crypto analyst Ali Martinez has unveiled a notable trend in the Bitcoin (BTC) market. Despite Bitcoin’s price maintaining stability around $26,000, there has been a surprising surge in new BTC addresses. This development is seen as a significant bullish signal from an on-chain perspective, indicating growing interest and participation among investors.
Record Number of Addresses Holding Bitcoin: One of the key indicators pointing towards this bullish trend is the record-breaking number of addresses now holding 0.1 or more Bitcoin, reaching an all-time high of 4,487,486. Additionally, the total number of non-zero Bitcoin addresses has also peaked at 49,138,848. These figures underscore a heightened level of engagement and confidence in the Bitcoin market, even amidst price fluctuations.
This is one of the most bullish divergences from an on-chain perspective! pic.twitter.com/x8omlNdD2I
— Ali (@ali_charts) September 16, 2023
Consideration of the “Death Cross”: Market analysts are cautiously discussing the possibility of a “death cross,” referencing historical data that suggests a market decline following the crossover of the 50 and 200 moving averages (MA). It is imperative, however, to assess this factor in conjunction with other market dynamics, given that cryptocurrencies are influenced by a diverse range of factors.
Upcoming Federal Reserve Meeting: In addition to these market developments, the upcoming Federal Reserve meeting on Sept. 20 is a critical event to monitor. Market sentiment strongly leans towards an anticipated “pause” in their decision-making, with an overwhelming 97% of market participants expecting this outcome. The outcome of this meeting could have a significant impact on broader financial markets.
FTX’s Noteworthy Asset Sale Proposal: FTX has garnered attention by seeking authorization to sell a substantial $3.4 billion worth of cryptocurrency assets, at a rate of $200 million per week. This move reflects FTX’s strategic approach to asset management and liquidity.
Regulatory Concerns Surrounding Binance.US: Meanwhile, regulatory concerns persist in the cryptocurrency space, with the U.S. Securities and Exchange Commission (SEC) accusing Binance.US of violating securities laws. This development raises questions about the security of assets held by U.S. citizens on the platform, underscoring the ongoing regulatory scrutiny in the industry.