BTC chain data surges, and the potential for growth is not limited to DeFi concepts

According to analysts, judging from the current BTC price recovery trend, the upward process is not fast, but the recovery rhythm is strong. The reason may be related to the entry of short-term main traders. On August 31, the BTC chain data soared to the second peak of the year, indicating that the market trend will exceed expectations again.

On August 31, the data on the BTC chain soared by 53%, approaching the peak on August 17, which means that the main BTC traders have strengthened their trading power. Especially when there is no new closing high at the point, the increase in the main traders' trading power means that the market has the potential to ferment further.

In terms of large-value transaction performance, the number of BTC large-value transactions of more than 100 BTC on August 31 rebounded to 851, a daily rebound of 62%, which means that the enthusiasm of major transactions has surged.

In terms of price performance, BTC's oscillating recovery process began on August 28 under the condition of increasing bullish control. In other words, although BTC frequently experienced price pullbacks during its rise, the pullbacks did not break the upward trend. The multi-party cannon pattern on the daily chart reminds us that BTC will complete this price recovery process in an accelerated manner, so the pullback is an opportunity to buy at a low price.

As for mainstream coins, ETH's strong rise as a DeFi concept has not ended. After fully accumulating momentum, ETH reached a high of $466. The trading volume is very stable, and there is no excessive volume. Based on this, ETH's bull market is still in its infancy. As for other mainstream coins, TRX and XEM have seen large short-term gains. The rise of TRX is similar to the market performance in mid-August. XEM's rise is even higher, and the trading volume has reached a historical high. XEM's short-term volume rise is a continuation of the main trading process, and the arc-shaped bottom feature indicates that the market performance may exceed expectations again.