Bitcoin investors who have held onto their coins for an extended period are currently reaping the rewards of March’s all-time high prices. Nevertheless, a recent analysis by Glassnode Insights indicates that this profit-making trend may be starting to decelerate.
Long-term investors often sell their holdings after prices reach record highs to secure profits. Lately, this pattern has become less noticeable in the market’s recent price fluctuations.
During the initial stages of excitement or value exploration in the Bitcoin market, the relationship between seasoned investors and fresh demand plays a pivotal role in determining its direction. However, past trends indicate that these exhilarated periods typically result in considerable price drops. These declines can exceed 10%, while some have plummeted by more than 25%.
In this version, we examine the increase in Bitcoin’s spot trading and on-exchange volume in this release, reflecting its robust year-to-date growth. The market is currently in an exhilarated state, leading to a rise in profits being taken. Learn more about it in our latest publication.
— glassnode (@glassnode) April 9, 2024
In the past two months, the price of Bitcoin has experienced only two notable drops of approximately 10%. This information comes from recent data. The upcoming Bitcoin halving event is generating a lot of buzz in the financial community as it often serves as a catalyst for market fluctuations. Additionally, according to VeChain Founder Sunny Lu, regulatory decisions will play a major role in determining Bitcoin’s direction following the halving event.
Lu brings attention to a significant change in perspective, moving from the conventional study of supply influences towards considering wider economic factors. He underscores the growing impact of regulations, mentioning price fluctuations caused by regulatory advancements post-May 2020’s previous halving event.
Bitcoin underwent three price surges following its halving, with each peak occurring in connection to notable regulatory milestones: The public offering of Coinbase in April 2021, the green light given for bitcoin futures ETFs in November 2021, and the approval of spot bitcoin ETFs in March this year.
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2024-04-10 00:06