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Two key BTC supply metrics show conflicting signals on whether a retracement will occur before the Bitcoin halving. Bitcoin (BTC) is at 17-month highs with just 164 days until the next Bitcoin  halving event, alongside anticipation of a spot Bitcoin exchange-traded fund (ETF) approval in the coming months. Yet, amid Bitcoin’s 106.38% year-to-date gains, the stablecoin supply rate oscillator (SSRO) has raised a major flag despite suggesting the beginning of a new bull cycle. Stablecoin buying power weakens ahead of Bitcoin ETF This stablecoin supply ratio metric, which acts as an important measure of the dominance of stablecoins vs. Bitcoin, has surged to a new all-time high at 4.13 on Oct. 25, according to data from Glassnode. Such a surge hints at a significant appetite for Bitcoin accumulation on-chain. The SSRO hit a new all-time high at 4.13 on Oct. 25. Source: Glassnode However, this also suggests that the purchasing power of stablecoins is at a relative all-time low. Historica...

Six tried and tested on-chain metrics are repeating patterns last seen at the bottom of the past three bear markets. Several on-chain metrics from the Bitcoin (BTC) network are flashing buy signals following this year’s rally. Bitcoin has broken out of its torpor to notch up a 37% gain since the beginning of 2023. However, on -chain data is still signaling it could be a “ generational buying opportunity ” according to analysts. On Jan. 24, researcher and technical analyst “Game of Trades” identified six on-chain metrics for his 71,000 Twitter followers. The first metric is an accumulation trend score highlighting zones of heavy accumulation in terms of entity size and the number of coins bought. “Large entities have been in deep accumulation mode ever since the FTX collapse,” the analyst noted before adding “similar accumulation took place in the 2018 and 2020 bottoms.” Bitcoin: 6 on-chain metrics calling for a generational long-term buying opportunity A thread — Game of Trade...