On-chain data shows that Bitcoin is experiencing a strong recovery, both in terms of hashing power and fundamentals. Is the market getting ready for an explosive second half of 2021?Let\u2019s dig in.BTC hash rate recovers as Miners Leave ChinaThe Bitcoin hash rate is on a steady incline as miners fleeing from China turn their rigs back on. Since the June low around 84 exahashes per second (EH\/s), the hash rate has ticked 50% higher, reinforcing the fact that Bitcoin is ultimately agnostic of hostile country regimes.Check out the full article here!BTC Balance on exchanges trends lowerOn-chain data is useful for contextualising price-action, which in turn provides the groundwork for price expectations, the depth of potential retracements, and overall market health.As of August 30th, bitcoin balance on exchanges is forming new lows.The data implies that investors and traders are taking liquidity away from the market and into cold storage, where that bitcoin is less likely to be spent. In other words, more bitcoin off exchanges means less selling pressure.If the trend continues, this is quite bullish and helps to place a \u2018cap\u2019 on potential downside scenarios.USDT (Tether) Balance on exchange ticks higherAt the same time, USDT is ticking higher. Specifically, the 23rd of August saw Tether balances on exchanges spike from $4.8 billion to $6.7 billion the following day.One explanation could be that investors cashed out their positions at the $50,000 mark into the stablecoin. While this is likely part of the explanation, USDT is not only sitting on exchanges, but actively increasing.The above chart shows the net position change of USDT on all exchanges, averaging close to $2 billion in net inflows per day.This is dry gunpowder.Long term investors double downFinally, Bitcoin holders are also doubling down.When Bitcoin holder net position change is negative, long-term investors are said to be\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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