Accumulation season? Bitcoin holds, altcoins get ready for what’s next

Key Takeaways

Is Bitcoin displaying indicators of accumulation?

Binance’s sender-to-receiver ratio simply hit its lowest since early 2024, an indication of rising HODLer conduct.

Are altcoins in a purchase zone?

Solely 24% of Binance-listed alts are above their 200-day SMA, a sample linked to accumulation phases.

Bitcoin’s [BTC] been holding its floor and getting stronger.

Even with long-term holders (LTHs) cashing in some earnings, BTC barely flinched, resting close to $110K via September.

However now, Binance’s BTC sender-to-receiver ratio simply dropped, and solely 24% of Binance-listed alts are buying and selling above their 200-day MA.

Many of the market appears to be like prefer it’s in accumulating in preparation for one thing greater.

Fewer senders, extra HODLers?

The 1-month MA of Binance’s Bitcoin sender-to-receiver ratio just hit its lowest point since early 2024.

This metric tracks how many individuals are sending BTC versus receiving it; and when receivers begin to dominate, it signifies accumulation. In plain phrases, fewer persons are promoting, and extra are simply sitting tight.

Supply: Cryptoquant

Spikes on this ratio have to date lined up with market tops. So, a pointy decline? That might imply the other, that there’s room for extra.

The month passed by

And right here’s the place it will get much more fascinating.

Regardless of indicators of accumulation, September wasn’t exactly quiet. Binance information reveals that LTHs began to take earnings as costs swung from $117K all the way down to $108K.

However moderately than triggering a panic, the market barely flinched.

Supply: Cryptoquant

Many of the motion got here from cash held between 6 months and 5 years, with the 7-10 yr class displaying solely mild exercise.

The true take a look at was that BTC stayed remarkably steady close to $110K at the same time as these older cash hit the market.

That’s not what you’d count on throughout a sell-off. It’s extra just like the market took the hit, and shrugged it off!

Altcoins are nonetheless within the cut price bin

Whereas Bitcoin holds sturdy and LTHs take earnings with out shaking the ground, the altcoin market’s got its own story.

Simply 24% of Binance-listed altcoins are buying and selling above their 200-day SMA; a far cry from the form of ranges we see throughout bull market euphoria.

Supply: X

When this quantity dips near zero, it’s normally been a fairly dependable marker of massive accumulation phases.

In different phrases, the sensible cash could already be procuring. It’s not flashy, and it’s positively not trending… however that is perhaps precisely the purpose.