{"id":161817,"date":"2021-06-06T16:30:34","date_gmt":"2021-06-06T11:00:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=161817"},"modified":"2021-06-06T10:21:05","modified_gmt":"2021-06-06T04:51:05","slug":"veteran-bitcoin-developer-chalks-out-how-to-make-full-use-of-this-bitcoin-aspect","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/veteran-bitcoin-developer-chalks-out-how-to-make-full-use-of-this-bitcoin-aspect\/","title":{"rendered":"Veteran Bitcoin developer chalks out how to &#8216;make full use of&#8217; this Bitcoin aspect"},"content":{"rendered":"<p>The month of May brought a lot of discomfort for the world&#8217;s largest cryptocurrency, which was quite evident from the red candles on its price charts. Bitcoin recorded one of its worst months in 10 years, but could it still surge to new all-time highs this year?<\/p>\n<p>An optimist would say yes. Most realists would claim the opposite, going further to voice concerns over BTC&#8217;s path toward $20,000 and lower. But, can June be different for the digital asset?<\/p>\n<p>As mentioned in the insights <a href=\"https:\/\/twitter.com\/mskvsk\/status\/1400086068947456001\">published<\/a> by Glassnode, &#8216;Bitcoin HODLers selling pressure is the lowest it&#8217;s been since November.&#8217; Seems like they are unwilling to sell at that price now, despite mass-selling at it in January.<\/p>\n<figure id=\"attachment_161827\" aria-describedby=\"caption-attachment-161827\" style=\"width: 2637px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM.png\"><img decoding=\"async\" class=\"wp-image-161827 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM.png\" alt=\"\" width=\"2637\" height=\"1341\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM.png 2637w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM-768x391.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM-1536x781.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.03.20-PM-2048x1041.png 2048w\" sizes=\"(max-width: 2637px) 100vw, 2637px\" \/><\/a><figcaption id=\"caption-attachment-161827\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Additionally, glassnode tweeted:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Stablecoin Supply Ratio (SSR) (7d MA) just reached an ATL of 6.861<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/AR9JEKADBL\">https:\/\/t.co\/AR9JEKADBL<\/a> <a href=\"https:\/\/t.co\/iUaOMPtLu2\">pic.twitter.com\/iUaOMPtLu2<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1400335369950875650?ref_src=twsrc%5Etfw\">June 3, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>What about the biggest nail to Bitcoin&#8217;s coffin- its volatility?<\/p>\n<p>The same was the <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RoZS1pbnZlc3RvcnMtcG9kY2FzdA\/episode\/Z2lkOi8vYXJ0MTktZXBpc29kZS1sb2NhdG9yL1YwL2FDLUhoRDRhNkl2XzY3OVh3d3JzQ1dMUXF0aGk5MHVIM0lSZzBVVkF6NEU?sa=X&amp;ved=0CAUQkfYCahcKEwiwlbj_yfrwAhUAAAAAHQAAAAAQCg\">topic of discussion<\/a> in the latest\u00a0<em>We Study Billionaires &#8211; The Investor\u2019s Podcast Network<\/em> series with Plan B &amp; <a href=\"https:\/\/twitter.com\/adam3us\">Adam Back<\/a>.<\/p>\n<p>Here&#8217;s what the brains behind BTC&#8217;s stock-to-flow model, PlanB, said: &#8220;Bitcoin (<a href=\"https:\/\/cointelegraph.com\/bitcoin-price-index\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/bitcoin-price-index\">BTC<\/a>) may have just had its <a href=\"https:\/\/cointelegraph.com\/news\/worst-month-for-btc-price-in-10-years-5-things-to-watch-in-bitcoin\">worst monthly candle <\/a>in 10 years, but it could still surge to new all-time highs this year.&#8221;<\/p>\n<p>Furthermore, he added:<\/p>\n<blockquote><p>&#8220;We knew bitcoin would not go up in a straight line and several -35% drops are possible would not go up in a straight line (and indeed likely) in a bull market. Starting to look like 2013. S2F(X) model intact.&#8221;<\/p><\/blockquote>\n<figure id=\"attachment_161832\" aria-describedby=\"caption-attachment-161832\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM.png\"><img decoding=\"async\" class=\"size-large wp-image-161832\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-1024x572.png\" alt=\"\" width=\"740\" height=\"413\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-1024x572.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-768x429.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-1536x858.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-11.28.11-AM-2048x1145.png 2048w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-161832\" class=\"wp-caption-text\">Source: PlanB| <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1399640761411555330\">Twitter<\/a><\/figcaption><\/figure>\n<p>Adam Back, CEO of Blockstream, reiterated his stance on volatility by adding:<\/p>\n<blockquote><p>&#8220;One shouldn&#8217;t be afraid of it, make full use of it. You can&#8217;t have +200% gains w\/o any volatility. In this case, -35% is still a bargain deal.&#8221;<\/p><\/blockquote>\n<p>The current bear phase is something most analysts have voiced their concerns over. As per <a href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-20-2021\/\">On-chain Analytics<\/a>, &#8216;Some $20B in BTC&#8217;s volume was lost by people who bought the month before.&#8217; Addressing the same issue, Back added:<\/p>\n<blockquote><p>&#8220;Holders in the last two months are the weakest holders ever,&#8221;<\/p><\/blockquote>\n<figure id=\"attachment_161846\" aria-describedby=\"caption-attachment-161846\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM.png\"><img decoding=\"async\" class=\"wp-image-161846 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM.png\" alt=\"\" width=\"2048\" height=\"1064\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM-300x156.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM-1024x532.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM-768x399.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-03-at-3.45.33-PM-1536x798.png 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-161846\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>What about the current institutional investors? Are they still adding Bitcoin to their balance sheet?<\/p>\n<p>Analyst, PlanB was quick to acknowledge this. He said:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Selling big chunks during illiquid hours at the end of each month .. followed by continuous buying of small quantities during liquid hours at the beginning of each month. 4 V-shaped recoveries. Institutional buying? <a href=\"https:\/\/t.co\/Nk9O8mZhth\">pic.twitter.com\/Nk9O8mZhth<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1400072033631887361?ref_src=twsrc%5Etfw\">June 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As evident from the tweet, institutional buying remained somewhat intact.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The month of May brought a lot of discomfort for the world&#8217;s largest cryptocurrency, which was quite evident from the red candles on its price charts. Bitcoin recorded one of its worst months in 10 years, but could it still surge to new all-time highs this year? An optimist would say yes. Most realists would<a href=\"https:\/\/ambcrypto.com\/veteran-bitcoin-developer-chalks-out-how-to-make-full-use-of-this-bitcoin-aspect\/\">Continue reading <span class=\"sr-only\">&#8220;Veteran Bitcoin developer chalks out how to &#8216;make full use of&#8217; this Bitcoin aspect&#8221;<\/span><\/a><\/p>\n","protected":false},"author":68,"featured_media":98470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-161817","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Veteran Bitcoin developer chalks out how to &#039;make full use of&#039; this Bitcoin aspect - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The month of May brought a lot of discomfort for the world&#039;s largest cryptocurrency; quite evident from its\u00a0record red candle. 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