Bitcoin (BTC) Profit-Taking Slowing According to Glassnode

2021-3-1 21:42

Indicators show Bitcoin profit-taking may be slowing down, despite the top-cryptocurrency dipping below $44,000.

The Sell-Off Slows

According to an analysis conducted by cryptocurrency data analytics firm Glassnode, there are indications that Bitcoin (BTC) investors are slowing profit-taking even with BTC’s dip to $44,000.

Glassnode examined the Spent Output Profit Ratio (SOPR) – a measure of a cryptocurrency market’s overall profit or loss. An SOPR value above one suggests investors are selling a crypto-asset at in profit, and vice versa.

Specifically, it takes the final value of aggregate sales for a specific cryptocurrency and divides it by the aggregate purchase value, giving a profit or loss ratio.

For BTC, the SOPR just went negative for the first time since September last year. This indicates BTC sellers are selling at a loss. Accordingly, one would therefore expect fewer Bitcoin investors to continue selling, so as to wait for a profitable period.

The daily #Bitcoin Spent Output Profit Ratio (SOPR) has seen a full reset, and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

Chart: https://t.co/Nx2Ulu6AwZ pic.twitter.com/xxwE31aB5k

— glassnode (@glassnode) February 28, 2021 Bitcoin Supply vs Demand

Indeed, the analysis corroborates yesterday’s revelation that BTC miners have begun accumulating rather than selling their mining rewards.

This is potentially due to the fact that total net realized losses for BTC hit a record $243 million on Feb. 27, the aggregate dollar value of the negative SOPR.

Both indicators also suggest the growing Bitcoin supply shortage is set to be further exacerbated, amidst unprecedented levels of demand for the top-cryptocurrency.

In February alone, cryptocurrency fund manager Grayscale Investments bought over $700 million worth of BTC and Ethereum (ETH), as demand from institutional clients continued to balloon.

The fund manager is also pushing ahead with plans to expand its already sizable cryptocurrency fund offering, introducing several other cryptos to its list.

With 20% of all BTC already lost forever, more demand will just send the price higher.

Miners have stopped selling and started accumulating #Bitcoin

Yesterday was the first day since Dec, 27 when Miners Position change turned positive.

Miners were selling their bitcoins for two months.

Bullish. pic.twitter.com/S89iBcz4k3

— Lex Moskovski (@mskvsk) February 27, 2021 Short-Term Woes Persist

Despite the flurry of “bullish” indications in recent days, the cryptocurrency market continues to suffer through a significant sell-off.

At press time, the top-cryptocurrency is hovering just above the $43,000 mark. The total market capitalization in the space has shed over $500 billion in less than a week.

Today, most of the cryptocurrency market, save BTC, is down at least 10%. In that regard, the monthly suggestion that the 30-day BTC futures settlement date is to blame is here again.

Evidence points to an increase in volatility pre-settlement. However, there is no authoritative study yet that finds a significant relationship between the two variables (BTC price and BTC futures settlement date).

Experience puts today’s sell-off down to profit-taking following a rocket-fueled rally. Whatever the cause, demand is still strong, supply short and the data show a slowing of bearish momentum.

Moon? Maybe soon.

The post Bitcoin (BTC) Profit-Taking Slowing According to Glassnode appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67100.58 (-0.01%)
Объем 24H $24.262b
Изменеия 24h: 1.01 %, 7d: 10.42 %
Cегодня L: $66739 - H: $67184.6
Капитализация $1321.878b Rank 1
Цена в час новости $ 46344.36 (44.79%)

btc bitcoin profit-taking glassnode slowing according investors

Источник: beincrypto.com

btc bitcoin → Результатов: 126


Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

Quick Take Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

2024-5-14 13:40


Dogecoin (DOGE), Arbdoge AI (AIDOGE), and Others Propel Meme Coin Momentum as Bitcoin (BTC) Surpasses $70,000

As Bitcoin (BTC) has recently surpassed the $70,000 mark, the meme coin sector has been reaping the benefits of trader profit distribution. Despite the polarizing opinions surrounding the existence of memecoins within the cryptocurrency space, this sector has been outperforming other competing altcoin groups over the past week.

2024-4-11 11:30


Bitcoin (BTC) Bulls Converge on Kelexo (KLXO) Crypto Lending: Shiba Inu (SHIB) and Litecoin (LTC) Enthusiasts Predict a 40X Surge

The recent surge in Bitcoin (BTC) to a new all-time high has captured the attention of investors and enthusiasts alike, drawing significant interest in the cryptocurrency market. Amidst the backdrop of Bitcoin (BTC) record-breaking performance, other cryptocurrencies such as Shiba Inu (SHIB) and Litecoin (LTC) are also witnessing heightened activity and community support.

2024-3-14 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Almost 10% Of Bitcoin Supply Bought Above $60,000: Glassnode

Data from the on-chain analytics firm Glassnode has revealed that around 9.5% of the Bitcoin supply changed hands above the $60,000 level. 1.87 Million Bitcoin Was Acquired At Price Levels Higher Than $60,000 In its latest weekly report, Glassnode has shared how the supply distribution of Bitcoin looks in terms of which levels the investors […]

Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern

The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern. Bitcoin Long-Term Holders Have Been Ramping Up Distribution In a new report, Glassnode discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics.

This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode

Glassnode has suggested that the upcoming Bitcoin halving might not result in a supply squeeze that the market may have anticipated. Bitcoin Halving May Not Carry Same Impact Due To Spot ETFs In a new report, the on-chain analytics firm Glassnode has discussed the impact the next Bitcoin halving may have on the economics of the cryptocurrency.

Short-term holders are flooding crypto exchanges, Glassnode says

With Bitcoin reaching the $58,000 milestone, short-term holders have set a new all-time high in the volume deposited to centralized exchanges, according to Glassnode. Crypto exchanges are witnessing an influx of short-term holders, who have consistently deposited over $2 billion…

Bitcoin Bull Run: On-Chain Data Points To Declining Retail Participation

The price of Bitcoin has continued to soar this week, with the premier cryptocurrency consolidating its place above the $50,000 mark. Interestingly, on-chain data shows that a particular class of investors had less to do about the recent rally, sparking conversations about their participation in the current bull cycle.

Bitcoin Short-Term Holders Just Locked In $647 Million In Profits

On-chain data from Glassnode shows that the Bitcoin short-term holders have recently participated in a massive $647 million profit-taking event. Bitcoin Short-Term Holders Have Realized Large Net Profits Recently According to data from the on-chain analytics firm Glassnode, the short-term holders have given a strong reaction to the $52,000 break.