The on-chain analytics firm CryptoQuant has explained why Bitcoin and Ethereum have recently appeared to be on a path towards acceleration.
Bitcoin & Ethereum Are Looking Bullish In On-Chain Metrics
In a new thread on X, the official CryptoQuant handle discussed how some important on-chain indicators are looking for Bitcoin and Ethereum right now.
The first two metrics of interest here keep track of the demand from the permanent holders and the whales. First, here are the relevant charts for BTC:
As is visible above, demand from the permanent holders, or the HODLers, had been going down after peaking in March, but recently, the metric has seen a turnaround. These investors have added 70,000 BTC to their wallets in the past month.
A similar trend has also been witnessed in the whales’ holdings, typically defined as addresses carrying more than 1,000 BTC. According to the analytics firm, the monthly demand from these large investors is up 4.4%.
CryptoQuant has also rev
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