Glassnode: Bitcoin Is Currently In “Bear To Bull” Transition Period
Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period. Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75 As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit generally observes multiple drops below 0.75 during transitional periods. The “supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s holding some profit right now. The metric works by looking at the on-chain history of each coin to see....
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The latest Glassnode report focuses on the topic of the day: bitcoin mining. While bitcoin’s price has been suspiciously flat for a while, the difficulty adjustment came in and registered an all-time high. Do the miners know something we don’t? Or is there a transfer of power going on behind the scenes? Glassnode poses a working theory on their latest The Week On-Chain. To begin with, Glassnode puts the difficulty adjustment into perspective: “Bitcoin hashrate has reached a new all-time-high of 242 Exahash per second. To give an analogy for scale, this is equivalent to all 7.753 Billion....
On-chain data shows the number of active Bitcoin addresses have remained at a low value for a while now, suggesting there isn’t much demand for the crypto currently. Bitcoin Active Addresses Have Continued To Move Sideways Recently As pointed out by an analyst in a CryptoQuant post, the BTC network activity has been low in recent days, implying there isn’t enough demand for a bull rally just yet. The “number of active addresses” is an indicator that measures the total amount of addresses on the Bitcoin blockchain that have been taking part in some activity, whether....
Hodlers have not needed to hodl hard enough, data covering historical bear markets shows. More than half of Bitcoin (BTC) addresses are still in profit, raising questions about the severity of the current “bear market.”Data from on-chain analytics firm Glassnode confirms that as of June 20, 56.2% of addresses were still worth more in U.S. dollar terms than when their coins entered them.Profitability fails to match previous market bottomsAs BTC/USD fell to 19-month lows of $17,600 over the weekend, analysts braced for what they assume will turn out to be a retracement of up to 84.5% from....
Data from Glassnode shows the Bitcoin long-term holder cost basis is currently above the realized price of the crypto. Bitcoin Long-Term Holder Cost Basis May Have Hints For Bear Market Length As per the latest weekly report from the analytics firm Glassnode, the LTH cost basis has remained below the realized price for a period […]
SuperBullsNFT announces the winning bid for their first NFT. The first NFT, the Golden Bull sold for 444,444 XDC. The winner also got a Tag Heuer watch signed by Max Verstappen along with a digital frame of the Golden Bull NFT. The XinFin XDC network has very well established itself as a single blockchain platform enabling various blockchain services as a one-stop-shop. Accordingly, it further expands itself into the Non-Fungible Token (NFT) sector by establishing a new project launched recently upon its network. The recently launched SuperBullsNFT works on the XDC blockchain network, with....