I've been pushing for more DD to be done to try and understand this bull market, and potential for it ending or continuing on. I'm very bullish in this regard, and I wanted to share some data points I've found that are most alarming. The full write-up by Glassnode is in the link at the top of this post.
1) Miners are accumulating! This is one of the most bullish signs you can look for, considering miners are some of the most heavily invested in the space. On top of that, it is a hindsight indicator, as I call it, meaning it uses 14 day moving averages, and only really shows a trend over 3 or 4 difficulty epochs.
2) Supply on OTC desks is continuing to dwindle, pointing to two possibilities, or a combination of both. Miners liquidate much of their holdings via OTC desks, so a supply shortage there confirms our previous data point, however it could point to an increase in institutional FOMO. One thing I found most interesting is that OTC desks hit a local low of only 6,000 Bitcoin! That is dangerously close to forcing institutional money onto exchange markets, which would be a pretty intense supply squeeze.
3) Coinbase and Binance balances are flipping, showing two trends, potentially. One being massive institutional demand/HODLing from US based customers, as Coinbase balances slide over the past 6 months. The other being a rapidly developing market in the global space for Cryptocurrency, as balances on Binance actually hold steady, and show an increasing trend, over the same time period.
I do implore anyone even remotely interested in the Bitcoin and Ethereum market to tune in further to Glassnode's insights. Of course the company has a bullish bias, considering they are a company built around the space, however I find that the writing is professional and they maintain skepticism and point out common flaws in logical reasoning, like correlation =/= causation.
And don't forget to HODL. Cheers!