Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.) price continues its post-halving retrace, which has seen the market transition into a regime of widespread net redistribution, causing the “euphoric phase” to cool off, according to a Glassnodeon March 5. BTC has since corrected, consolidating within the $60,000 and $67,500 price range over the last two weeks.
“Using NUPL, we can identify the classic Euphoria phase of a bull market where unrealized profits surpass more than half the market capitalization size .”stalling flows into spot Bitcoin ETFs In terms of spot price action, this means recent buyers are more sensitive to short-term price movements and have a higher probability of spending in the short term as “the market starts to sell-off.”
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