Are Bitcoin Bulls Back? Crypto Hedge Fund Executive Lists 3 Chained Metrics Showing BTC Strength

Lex Moskovski, chief investment officer (CIO) of crypto-focused hedge fund Moskovski Capital, lists what he believes are positive signals in three chain measures as Bitcoin bulls attempt to trigger a new uptrend.

Moskoski says Bitcoin entities, or addresses active on the BTC network, have recently reached a new all-time record (ATH).

“The net growth of Bitcoin entities has reached ATH.

[There] There has not been a period in its history when the number of active participants has grown faster, on average every week.

Moskovsky too said that the number of Bitcoin on the exchanges has dropped to levels not seen since BTC was trading near all-time highs in April. Crypto veteran says metric broke down into “Bart” pattern, or formation that looks like Bart Simpson’s head from “The Simpsons” cartoon series. “

“The supply of bitcoin on the exchanges has been drastically reduced.

Back to the trend?

Nice Bart, [by the way.]”

Moskovsky adds that he has his eye on The data of Glassnode which shows the growth of the NUPL adjusted according to the entity (unrealized results and losses).

According to Glassnode, its “entity-adjusted” metrics give a more accurate measure of the number of active users on the Bitcoin network taking into account that a single entity can control multiple addresses and that BTC addresses can hold funds. of a group. of people.

The NUPL metric compares the total market value to the value of all open positions of traders and investors.

Moskovsky says the NUPL metric just flashed a green signal, indicating that Bitcoin has started heading into a more bullish “belief” phase of a market cycle.

“Bitcoin ea-NUPL flashed green on an upward movement for the first time since October 27, 2020.

We have entered the belief phase.

At the time of writing, Bitcoin is trading at $ 44,338, according to CoinGecko.

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Featured Image: Shutterstock / Peshkova