As a researcher with a background in cryptocurrency analysis, I find Glassnode’s report on Bitcoin holders reaccumulating and the relatively muted price action intriguing. Based on my experience and understanding of the market, I believe that these trends are positive signs for the long-term outlook of Bitcoin.
Based on Glassnode’s findings, long-term Bitcoin owners have resumed buying after a pause since last December. The selling intensity from these investors has noticeably decreased.
Experts have noted that Bitcoin’s price fluctuations during this current cycle have been more subdued than in past bull markets.
Bitcoin Holders Reaccumulating
Long-term Bitcoin investors have resumed accumulating the cryptocurrency, as indicated by Glassnode’s latest report. The digital currency is currently trading below its record-high price and these investors have started to buy more Bitcoin for the first time since late 2023.
As a researcher observing the cryptocurrency market, I notice that Bitcoin hovers close to its all-time high (ATH), yet it hasn’t surpassed this level just yet. The market shows signs of consolidation, and long-term investors are starting to repurchase coins for the first time since December 2023.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development based on Glassnode’s latest analysis. Long-term Bitcoin holders have noticeably reduced their selling pressure over the past week, and there are signs that they might be returning to accumulation mode once again. Furthermore, Glassnode’s report suggests that increased volatility could trigger another round of sell-offs. Interestingly, the market indicators indicate a resurgence of buy-side demand, as evidenced by the daily net inflow of $242 million into spot Bitcoin ETFs last week.
As an analyst, I’ve observed that with approximately $32 million worth of daily sell pressure from miners due to the Bitcoin halving, ETF buying pressure is almost eight times greater. This underscores the immense influence ETFs have on the market. With the crypto market approaching new record highs and entering a price discovery phase, we’re witnessing the emergence of the Euphoria stage – a period where 93.4% of Bitcoin’s total supply is held in profit.
Based on Glassnode’s analysis, these stages usually persist for a period of 6 to 12 months, with investors maintaining possession of their assets in hope of a future price rise.
Price Action Muted
As a crypto investor, I’ve noticed that Bitcoin’s price action over the past couple of months has been relatively calm compared to its previous bull runs. According to Glassnode’s latest report, they refer to this current bull cycle as more subdued or tempered. The data in their report highlights that Bitcoin managed to secure weekly, monthly, and quarterly gains above 3.3%, 7.4%, and 25.6% respectively, on just five out of the past ninety days.
As an analyst examining historical market trends, I’ve noticed that during past bull markets, price increases tended to occur more frequently within the span of 18 to 26 days throughout a 90-day timeframe.
Based on past market cycles, the number of days for this count has ranged from 18 to 26. This implies that the current market could be exhibiting more restraint compared to typical bull markets.
Read More
- DEXE PREDICTION. DEXE cryptocurrency
- EUR INR PREDICTION
- Shilpa Shetty’s Mumbai restaurant under radar after BMW car worth Rs 80 lakh gets stolen from parking; REPORT
- ZIG PREDICTION. ZIG cryptocurrency
- EXCLUSIVE: Decoding the importance of suspense around cameos in cinematic universe films
- Is Red One a Box-Office Success?
- NBC’s New Thriller Starring Manifest, La Brea Stars Sets Premiere Date: Details
- TNSR PREDICTION. TNSR cryptocurrency
- ‘They Are Getting Gritty, Man’: Chicago Med’s Steven Weber Talks Season 10 Changes With New Showrunner Taking Over
- Parineeti Chopra reveals WHY she picked Amar Singh Chamkila with Diljit Dosanjh over Ranbir Kapoor’s Animal: ‘Higher power…’
2024-05-30 14:09