The second financial quarter of 2022 did not end very well for Bitcoin [BTC]. In what can be called “extreme market conditions“, the flagship cryptocurrency struggled on all fronts. Investors are left with low returns, while crypto institutions are collapsing like dominoes. However, there is also a silver lining here.

Fresh off the wounds of its worst quarter in over a decade, Bitcoin continues to divide opinion. The king coin is currently trading below $20,000 after mounting an unsuccessful comeback. However, some on-chain metrics suggest a possible cryptocurrency renaissance. Will Bitcoin put those torrid months behind it and fulfill the “maxi” prophecy now?

Let the data speak for itself

The movement of whales has always been a major indicator of Bitcoin price action. Recently, during the Terra and 3AC crisis, the whales accumulated BTC. Additionally, according to data from Glassnode, whales have been adding more than 140,000 BTC per month recently.

In the extremely difficult #Bitcoins market conditions of 2022, there are three cohorts of entities with very interesting dynamics:

– Shrimp $BTC stack up 🟦
– Whales > 1k $BTC stack up 🟦
– Miners distribute 🟥

A thread exploring these entities 🧵1/4 pic.twitter.com/rxYcNxausS

— glass node (@glassnode) June 29, 2022

The update claims that whales now own 8.69 million BTC, or more than 45.6% of the entire supply. Prawns, on the other hand, hold 1.12 million BTC after recently increasing their purchases. According to the basic economic law, an increase in demand, in the event of a limited supply, will cause prices to rise.

That being said, here is a bullish signal posted in a recent Glassnode tweet. The tweet claims that Miners to Exchange Flow (7d MA) hit a five-year low of 2,046 on July 2. Such a low was last observed on February 24, 2022. Historically, this metric shows the confidence of miners even in these times of economic crisis.

Another potential bullish indicator was job by Santiment on July 2. According to the tweet, the MVRV of short-, medium-, and long-term holders signals a “pain” threshold for investors.

Historically, this point “foreshadows the coming price reversal”. However, the tweet adds that the timing of the turnaround remains uncertain.

Source: Santiment

But there is a major concern on the Bitcoin network because cited by Glassnode. Bitcoin’s realized cap hit an eight-month low of $425,757,220,277.8 on July 2. This comes at a time when many people around the world are expecting (hoping, so to speak) that Bitcoin will recover.

Source: Glassnode

Now the question is: where does Bitcoin go from here? As one institution after another falls, growing uncertainties still hang over the market. These moves should give shaken investors some hope for the time being. But will investors be patient enough to witness the long-awaited turnaround?