As the crypto market holds its breath for the U.S. Securities and Exchange Commission’s (SEC) impending decision on the first spot Bitcoin Exchange-Traded Fund (ETF), a close analysis of Bitcoin’s on-chain data reveals a market in a state of cautious anticipation.
Between Jan. 4 and Jan. 8, 2024, Bitcoin’s price increased from $44,230 to $46,944 after weeks of sideways and choppy movement. This increase, marked by a peak on Jan. 8, indicates an optimistic but pent-up market. Such price behavior could be attributed to speculative positioning in response to the upcoming SEC decision, as the market seems to be leaning towards a positive outcome.
The 30-day change in Bitcoin supply held in exchange wallets shows that most of the market isn’t looking to sell. Starting at 2,571 BTC on Jan. 4, the balance shifted to a negative 15,183 BTC by Jan. 8. This consistent decrease in exchange-held Bitcoin suggests a growing preference among holders to withdraw their assets. This behavior oft
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