BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort

Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort
Market intelligence firm Glassnode says that Bitcoin ( BTC ) could soon face sell-side pressure from short-term holders (STHs) eager to cash in on the king crypto’s latest price uptick.
In a new analytics report , Glassnode finds Bitcoin’s recent surge to $23,000 pushed 97.5% of its short-term holders into the green at one point during the week, something that hasn’t happened since the top crypto asset by market cap hit its all-time high in November 2021.

The crypto analytics platform defines short-term holders as those holding BTC for less than 155 days.
According to Glassnode, 97.5% of STHs having unrealized gains historically marks that sell pressure is on the horizon.
“Interestingly, during bear markets, when [over] 97.5% of the acquired supply by new investors is in loss, the chance of seller exhaustion rises exponentially. Conversely, when [over] 97.5% of short-term holder supply is in profit, these players tend to seize the opportunity and exit at break-even or profit…
Given this substantial spike in profitability, the probability of sell pressure sourced from STHs is likely to grow accordingly.”
Source: Glassnode
Miners are also selling Bitcoin due to the recent price rally, according to Glassnode.
“With a notable recovery in miner USD-denominated revenues, the resulting behavior shift has switched from accumulation of +8,500 BTC/month, to distribution of -1,600 BTC/month. Miners have spent some -5,600 BTC since 8-Jan and have experienced a net balance decline [year-to-date].”
Source: Glassnode
Other metrics paint a different picture, however. The intelligence firm notes the volume of Bitcoin that hasn’t moved in more than six months has shot up by more than 301,000 since early December, underscoring the conviction of holders.
“This divergence highlights the strength of the HODLing conviction via the recent market rally.”
BTC is trading for $22,678 at time of writing, down 1.16% in the past 24 hours but up 38% from its 30-day low of $16,464.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix



Check Latest News Headlines

 


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sensvector/EB Adventure Photography
The post Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Analytics Firm Glassnode Issues Bitcoin Alert, Says BTC May Face Sell Pressure From This Investor Cohort


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!