Bullish Bitcoin (BTC) Driver Named by Glassnode Lead Analyst, 2017 Is Closest Comparison

According to a recent tweet by the lead on-chain analyst at Glassnode, who goes by the name @_Checkmatey_ on Twitter, a bullish factor has emerged for Bitcoin that can be compared to 2017, when the flagship cryptocurrency, for the first time, soared to the $20,000 level.

“Stacking harder and faster on BTC”

@_Checkmatey_ tweeted that “shrimps” (holders that own less than one Bitcoin) have been stacking Satoshis recently at the rate of 33,800 BTC per month, while miners are issuing roughly 27,000 BTC monthly now. Therefore, as soon as each new BTC is issued, 1.25 BTC gets taken off the market by these shrimp-class investors.

Currently, these investors hold 1.33 million Bitcoins, while buying BTC in an aggressive manner.

According to the analyst, the last time these holders bought BTC this hard was 2017, then Bitcoin reached an all-time peak of $20,000 for the first time in history, and they were buying the top.

Now, he says, shrimps are stacking Sats  “harder, faster, and in a more sustained manner,” despite all the market turbulence.

This chart is the success of #Bitcoin education visualised via on-chain data.

The last time the little guy stacked this hard was 2017 ATH, buying the top.

Five years later, they are stacking harder, faster, and in a more sustained manner, despite all the bullshit.

Bullish. https://t.co/btS9rCnOO4

— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) July 5, 2023

Bitcoin loses $31,000 level

During the past 24 hours, the flagship digital currency lost nearly 2% of its market value, falling from the $31,200 zone back to $30,679.

Bitcoin regained the $31,000 level on July 4 as the value of open interest jumped by a staggering $300 million within merely two hours all of a sudden. Open interest is related to futures contracts that have not been settled yet and may signify a rise in Bitcoin trading volume as well as overall interest from the market toward crypto.

Overall, Bitcoin open interest now stands at $13.8 billion, according to a recent tweet by Glassnode. This is just $1.3 billion away from an all-time high of $15.1 billion. Per the tweet, this indicates that investors are increasing their exposure to risk-defined derivatives instruments.

#Bitcoin Options Contracts have experienced an increase in demand as Open Interest recently soared to a value of $13.8B, just $1.3B shy of the ATH of $15.1B.

This suggests market investors are increasing their exposure to risk-defined derivative instruments. pic.twitter.com/vZyQQJtVvw

— glassnode (@glassnode) July 5, 2023