According to a ForkLog report, some on-chain data from June signaled an opportune time to buy the first cryptocurrency.

According to the “Difficulty Band”, the Difficulty Band Squeeze indicator has been in the “green zone” since late March, meaning some miners have surrendered. Many experts see the latter as a sign that the market has bottomed out.

Amid the price crash, bitcoin miners sent significant amounts of digital gold to centralized exchanges. Just on June 18, the influx of cryptocurrencies exceeded $ 2 billion.

The thesis about the capitulation of miners was confirmed by the Hash Ribbons indicator, which entered the “yellow zone” for the first time since mid-2021.

The Puell Multiple indicator values ​​in early June turned out to be in the green range, indicating that bitcoin was oversold. The last time the metric gave such low indicators was in December 2018.

Against this background, the growth in the number of addresses with a balance of more than 0.1 BTC accelerated (+3% compared to last month). Similar dynamics and at larger addresses of retail investors. This is a sign that some market participants are buying the first cryptocurrency in price drops.

Despite the market drop in June, the capacity of the Lightning Network (LN) bitcoin micropayment network continued to grow – the month-end value reached 4005 BTC against 3916 BTC at the end of May. At the same time, the number of nodes and LN channels remained practically unchanged: an increase of 0.4% and 0.6%, respectively.

Sponsor of “Bitcoin industry by numbers” column – global blockchain ecosystem Binance.

As a reminder, Bloomberg Intelligence senior commodities strategist Mike McGlone believes bitcoin price shows the same behavior it did in 2018 when it marked the end of the bear market.

Anticipating the 2007 mortgage crisis, investor Michael Burry assumes that digital gold will continue to decline as it is in the middle of a bearish cycle.

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