Institutions and Retailers Accumulating BTC; DOGE Pumps on Twitter News
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On Monday, the broader crypto market continued its choppy consolidation within narrow ranges as investors look to be sitting the current phase out as they await the market's next direction. However, it does seem that BTC's short-term rallying momentum has returned after a brief dip in the early hours on Tuesday (Asian hours). As of the time of writing, the largest cryptocurrency by market cap is slowly inching up above the $46.5k handle after posting a 1.1% gain in the last 24 hours. BTC's immediate overhead resistance currently sits near the $46.7k to $47k zone, where a clear breakout above said level could possibly kickstart a fresh round of rallies with stronger upside momentum. Further, the BTC on-chain accumulation trend score reveals that entities on both ends of the holdings spectrum have actually been accumulating BTC in conviction for weeks now. Retail small-timers (those with less than 100 BTC holdings) are observed to have started stacking up on BTC since late January of this year, whilst large institutional players like the Luna Foundation Guard (LFG) that amassed a whopping 30k BTC in a matter of weeks, have also been piling onto their massive BTC holdings over the past two weeks. Some of the BTC supply has also been absorbed by the Ethereum network in the form of wrapped BTC (WBTC) in recent times. Since hitting new market lows on Jan. 22, 2022, the WBTC supply has grown by a significant 12.5k, revealing a continuous demand for BTC as collateral within the decentralized finance (DeFi) space.
Like BTC, ETH has experienced a marginal increase of 0.5% from 24 hours ago. In another similar vein to BTC, the ETH balance across all major exchanges has plunged to a multi-month low, suggesting that there is growing confidence in the potentiality of an imminent ETH rally. On the altcoin front, the performances of the major altcoins seem to be pretty mixed, as many top L1 tokens have flipped red.