Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator
Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost. Investors with a long-term growth outlook still want to hold onto the flagship digital asset, iterating their expansive bullish stance on it. The analogy appears out of a chart from […]
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Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those who bought at more recent prices, and not the hodlers who got in during the 2017-2020 cycle. Bitcoin Long-Term Holders Have Been Selling At An Average Loss Of 33% As per the latest weekly report from Glassnode, the BTC long-term holder SOPR has had a value of less than one during recent weeks. The “spent output profit ratio” is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. When the value of the ratio is greater than one, it means....
On-chain data shows that the Bitcoin supply on exchanges has continued to go down despite the crash, and has now hit a multi-year low of 13.27%. Percentage of Bitcoin Supply On Exchanges Sinks To Multi-Year Low As per the latest weekly report from Glassnode, the percentage of the BTC supply on exchanges has now declined to a multi-year low of around 13.27%. The “percentage of supply on exchanges” is an indicator that measures the percent of the total circulating Bitcoin supply that’s currently stored in exchange wallets. When the value of this indictor goes up, it means....
Glassnode has talked about the four phases of Bitcoin accumulation and distribution during the past year in their latest report. Bitcoin Accumulation Trend Score Shows Market Has Been Selling Recently As per this week’s edition of the weekly Glassnode report, the market has observed four distinct phases in the last twelve months. The relevant indicator […]
On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH). The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of....
Data released by Glassnode suggests Bitcoin long-term holder behavior has shifted from accumulation to distribution recently. Bitcoin Long-Term Holders Have Shed 222k Coins Off Their Stack Since May As per a new report from Glassnode, the BTC long-term holders have been spending up to 47k BTC per month in recent days. The “long-term holders” (or LTH in short) refer to the cohort of Bitcoin investors that have been holding onto their coins since at least 155 days ago, without selling or moving them. The “LTH net position change” is an indicator that measures the net....