As markets are three months away from bitcoin's halving, recent data shows that institutional investors and retail investors both now being positive on BTC’s medium-term outlook. Sentix Strategic Bias, which gauges the medium-term perception of value on Bitcoin, has jumped to +0.23, the highest level since August 2019. Patrick Hussy, Managing Director at Sentix, believes that the reading is an indication of an increasing willingness to buy and is a positive signal for this asset class.
Figure 1: Sentix Bitcoin Strategic Bias (Source: Sentix)
Figure 2: CME Bitcoin Futures 1-hour Chart (Source: Tradingview)
The positive sentiment is also reflected in the altcoin space, as leading altcoins like ETH and XRP both rose 5% to 6% earlier in the session, while mid/small caps name such as XTZ and ICX surged 11% and 22% respectively. Interestingly, data shows that ETH miners have been accumulating more ETH tokens in the past six months.
Data from Santiment shows that the number of ether tokens held by all ETH mining pools is reaching its all-time high of 1.69 mln ETH. Many ETH watchers considered as an underlying positive factor for the token.
Figure 3: ETH Miners Balance Over Time (Source: Santiment)
What you missed
Figure 4: BTCUSDT Daily Chart (Source: OKEx; Tradingview)
Figure 5: OKEx BTC Long/Short Ratio (Source: OKEx)
Figure 6: XRPUSDT Daily Chart (Source: OKEx; Tradingview)
Figure 7: ETHUSDT 4-Hour Chart (Source: OKEx; Tradingview)