Bitcoin (BTC) short-term holders are fixing losses amid choppy market, data says
Capital inflow into Bitcoin , the largest cryptocurrency, drops to the"quiet" zone as excitement about the Bitcoin Spot ETF launch has cooled off completely. Normally, such phases happen prior to powerful volatility spikes, Glassnode experts say in the latest report.As net capital inflow into Bitcoin loses traction, a degree of equilibrium has been reached between investors taking profit and loss, the Glassnode team says in its latest"The Week On-Chain" report.
Amidst tumultuous market conditions as of late, Long-Term Holders have been locking in a reasonably consistent $138M in profit per day. With each transaction, a buyer and a seller are matched, with supply and demand imbalances resolved via price changes.Also, an insightful indicator of the MVRV Ratio suggests that investor profitability has essentially reset to equilibrium position and that the excitement and exuberance after the BTC ETF launch in the U.S. this January are not there anymore.
As of press time, Bitcoin is trying to protect $61,500 level after being brutally rejected at $65,000 yesterday. However, only $29 million in positions have been erased in the last 24 hours, almost all longs.Selling pressure on Bitcoin right now is mostly driven by short-term holders, while"HODLers" are maintaining their confidence, Glassnode research reveals.
Q2-Q3, 2024, were painful for newcomers. After setting the ATH in March, the confidence of new investors was tested by choppy sideways price action for several months. During this process, a significant volume of the Bitcoin supply has remained tightly held and is within the three-month to six-month age band.
Meanwhile, a notable share of supply held by new Bitcoiners is transitioning into long-term-holder status, having been held for at least 155 days.Hong Kong Web3 Festival Set for Its Third Edition from April 6 to 9, 2025
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'$1 Million Bitcoin' Samson Mow Makes Important BTC StatementBitcoin advocate Samson Mow issues bullish Bitcoin call as BTC begins to recover
Read more »
Michael Saylor Intrigues Bitcoin Community With Epic BTC MessageBitcoin bull Michael Saylor delivers key Bitcoin message while the BTC price falls
Read more »
BlackRock iShares Bitcoin Trust Breaks ETF Chart With $20 Billion InflowBlackRock hits another historic Bitcoin ETF milestone
Read more »
Bearish Ethereum Warning Issued by Tuur DemeesterETH/BTC pair predicted to collapse to just 0.03 BTC
Read more »
'$1 Million Bitcoin' Advocate Samson Mow Confirms No 10,000 BTC Dump by USSamson Mow, proponent of $1 million BTC theory, ends speculation on 10,000 BTC US government sell
Read more »
BTC Price Analysis: 2 Critical Levels to Watch for Bitcoin in the Short TermCrypto Blog
Read more »