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The slight shock between 8500-9000 last week did not improve the market sentiment, but did not intensify the panic. With the rebound above 9000, and even the possibility of breaking out of the shock space and starting an upward trend, market sentiment may pick up this week.

The number of large transfers (greater than 50 BTC) on the chain this week is significantly lower than the recent average. Compared to the previous week, the number of large value transfers has dropped by nearly 20%, and it has also dropped by 10% compared to the ten-week average. The number of large-value transfers increased instead of falling, mainly because several exchanges such as OKEx and Bitfinex organized wallets to form large-value on-chain transfers.

The number of huge transfers of more than 1000 BTC this week is the same as the average of the past ten weeks, while the total amount of transfers is significantly higher than last week and the average of the ten weeks. About 35,000 of the 100,000 BTC transfers this week came from exchange wallets. It is worth noting that nearly 20,000 BTC flowed from the cold wallet to the hot wallet on Bitfinex, indicating that the demand for pen withdrawals may have increased in the near future.

This week, the exchange rankings after the top three BTC balances on the chain alternated more frequently. After adding some wallet addresses of OKEx, OKEx currently ranks fourth in the chain balance. In addition, this week OKEx has more than 20,000 BTC inflows, and Binance has nearly 7,000 BTC inflows.

The computing power of the entire network is still slowly rising, and the difficulty adjustment next week may usher in another increase in mining difficulty, leaving little time for old mining machines.

Disclaimer: The opinions involved in this report are based on comprehensive research and judgment based on data analysis. They are only for reference and not as investment basis. Risky investment in currency speculation requires caution.

Disclaimer: The opinions involved in this report are based on comprehensive research and judgment based on data analysis. They are only for reference and not as investment basis. Risky investment in currency speculation requires caution.