On-chain data shows Bitcoin accumulation

When Bitcoin price action is boring, does it mean that nothing’s happening ?

Not quite. At the moment there are actually some interesting on-chain trends that can not only give a hint about the future price direction, but most importantly – about users’ sentiment.

• Coins continue to outflow from exchanges, accelerating in particular for the last two weeks, to a rate of around 2’000 BTC/day. This means that people intend to store their crypto and not sell it shortly.
• In the meantime, the average age of coins that exchange hands is decreasing, meaning that more people are returning to the HODL mindset.
• On the technical side, the hashrate that declined brutally following the Chinese crackdown, has recovered from the bottom of -55% to around -39% decrease, which could mean that around 29% of miners who went off-line are now back (data by Glassnode).