The situation in the Bitcoin and crypto market has continued to follow a downward trend. Prices of most crypto assets are maintaining a southward movement over the past weeks. The collapse of FTX is still spinning the wheels negatively as the contagion spreads. Glassnode, a blockchain analytics company, reports more doubts about the crypto market.…
Several metrics currently suggest that the Bitcoin price is finally finding its bottom after another capitulation event, possibly triggered by the Genesis/ DCG/ Grayscale saga. This final miner capitulation may be imminent as miners are selling their BTC at the fastest rate since early 2016. In light of the new bear market low, some Bitcoin…
Data from Glassnode suggests Bitcoin long-term holder capitulation hasn’t reached a scale that would imply a widespread loss of conviction yet. Bitcoin Long-Term Holder Supply Has Declined By 61.5k BTC Since 6 Nov According to the latest weekly report from Glassnode, the BTC long-term holder supply has observed a notable decrease recently. The “long-term holders”…
The latest Glassnode report focuses on the topic of the day: bitcoin mining. While bitcoin’s price has been suspiciously flat for a while, the difficulty adjustment came in and registered an all-time high. Do the miners know something we don’t? Or is there a transfer of power going on behind the scenes? Glassnode poses a…
Data from Glassnode suggests Bitcoin is currently in the historical bear market to bull market transition period. Bitcoin Correlation Between Price And Supply In Profit Has Recently Been Below 0.75 As per a recent report by Glassnode, the BTC correlation between the price and the supply in profit generally observes multiple drops below 0.75 during…
Data from Glassnode shows Bitcoin hasn’t yet seen a crossover in the current cycle that has historically marked late-bear periods. Bitcoin Short-Term Holder Realized Price Is Still Above Long-Term Holder’s According to the latest weekly report from Glassnode, the STH and LTH realized price crossover hasn’t yet taken place during the current bear market. The…
This is the weirdest bear market to date. It seems like most people were prepared for it, even though the death spirals and Chapter 11 bankruptcies that started it came out of nowhere. In any case, every coin is in the red. The market should be in a state of fear, uncertainty, and doubt. That…
Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those who bought at more recent prices, and not the hodlers who got in during the 2017-2020 cycle. Bitcoin Long-Term Holders Have Been Selling At An Average Loss Of 33% As per the latest weekly report from Glassnode, the BTC long-term…
Data shows the Bitcoin “reserve risk” indicator has recently plunged down and is now reaching all-time lows only seen back in 2015 bear and the March 2020 COVID crash. Bitcoin Reserve Risk Suggests HODLing Relative To Price Is Strong According to the latest weekly report from Glassnode, BTC investors have been holding strong onto their…
Ethereum, the second-largest cryptocurrency by market capitalization, is currently in freefall. Over $124 billion in capital vanished from the Ethereum (ETH) decentralized finance (DeFi) in six weeks. Seven months ago, ETH reached its highest value ever at $4,891.70 on November 16, 2021. But it is now trading at around $1,100, which is less than 75.2%…