Today I started playing around with the @cryptoquant_com closed beta.

I got completely sucked into because I kept finding stuff that blows my mind.

Here are some my more interesting findings.
(spoiler: they're quite bullish too)

#bitcoin

1/start

First, a very accurate top indicator: the total inflow transaction count.
It usually increases rapidly during macro peaks.

However it's very, very low at the moment writing.

2/

Here we have a 50MA of the exchange whale ratio.

This indicator gives an idea of how many whales are present on exchanges (ready to sell).
A really high ratios seem to happen before major capitulations.

Right now the ratio is super low (good).

3/

This is the amount of bitcoin miners are sending to spot exchanges.

Currently it's at its lowest point since March 2017.

I guess they're not ready to sell much at the moment.

4/

Since miners aren't sending coins to exchanges, I assumed they would have pretty high reserves.

Strangely enough, their reserves are going down! Rapidly.

No idea where their coins are going, but it looks like they don't have much ammo to dump.

5/

This one's crazy.
Stablecoins' market caps have risen at an insane pace this year while exchange BTC reserves have gone down just as fast.

There is no other way to interpret this than to assume there is serious buying going on.

Shoutout to @Yodaskk for discovering this.

6/

So then I looked at the entire history of BTC reserves on all exchanges.

It only really went down on 3 different instances. I marked those periods on the chart.

We've never had such a significant drop as now though.
Massive demand?

7/

Evidently I started looking at the reserves of all spot exchanges to look for abnormalities.

Pretty much all reserves are gradually going down with the exception of Binance which is going up.

But it's Coinbase that's going through absolutely massive depletion!

8/

It's no surprise that the netflow (inflow - outflow) on Coinbase is dropping like a rock every time the reserves get depleted.

The last time such a massive drop occurred was during February 2018.

9/

Could it be that big companies are buying from Coinbase?

I mean, it's a regulated American exchange... But I always considered it a retail exchange.

10/ https://www.forbes.com/sites/michaeldelcastillo/2020/10/13/stone-ridge-reveals-115-million-bitcoin-investment-as-part-of-billion-dollar-spin-off/

Either way I can't shake the feeling that something big is happening.
There's very little doubt in my mind that really big players have entered the space, and they're accumulating.

I'm not paid to say this, but this data has been fascinating.

$BTC

11/fin

P.S.

Sorry for spelling mistakes, am tired.

Also I was already bullish, but now I became even more of a bulltard. SMH.