BTC Whales Are Accumulating; Nike Buys DotSwoosh ENS Domain
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Chart of the Day
Over the weekend, the broader crypto market continued its sideways movement on the back of a plummeting trading volume in the spot market, which has hit a 3-month low. However, in the early hours on Monday (Asian hours), the market flipped green in a bid to reverse its longest losing streak in history. BTC climbed back to the $30k psychological support after rising by 4.7% within a few hours. The largest crypto by market cap is currently making another attempt to break above the immediate resistance level near $30.6k, and the market may make a run if this level is cleared. On-chain UTXO value also suggests that the market has entered a phase of accumulation, where addresses with balances of more than 10k BTC have been stacking up amid recent capitulation events. A bull cycle will likely kick start once the accumulation phase is over.