Here's who was partly responsible for Bitcoin's selling pressure in recent months, per on-chain data BTC Cryptocurrency
In a recent analysis, Glassnode monitors stakeholder behavior with a focus on Long-Term Holders, who control nearly 13,337 million BTC, or 79.85% of the current supply. According to the on-chain analytics firm, the Long-Term Holder cohort has on net distributed about 222,000 BTC since the beginning of May, which is equal to about 1.6% of their all-time high holdings.
It mentions that, as of mid-July, Long-Term Holders were disposing of coins at a loss, according to the weekly average of the LTH-SOPR indicator, which gauges the ratio between the disposal price and the average acquisition price. The weekly averaged value of LTH-SOPR is now at 0.67, indicating a 33% loss locked in on average, as prices have just encountered resistance near the $24,000 mark. According to Glassnode, this demonstrates spending at a loss by Long-Term Holders in the current market.According to Glassnode, those who still own coins from the 2017–2021 cycle are mostly retaining their holdings, in contrast to those who bought coins at the 2021–2022 market tops.
The aggregated behavior of long-term holders in the 2021–2022 group has shifted over the past three weeks from 79,000 BTC/month of accumulation to shedding 47,000 BTC/month of distribution, according to the report. The recent market recovery also gave holders a chance to exit some liquidity. Since mid-July, cryptocurrency markets have meaningfully recovered despite all the macroeconomic concerns. At the time of writing, Bitcoin was trading at $23,221, up 1.05% over the previous day.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines – Market Updates Bitcoin NewsAfter extending recent gains, bnb rose to its highest point since June during today’s trading session. Ethereum classic declined yet again.
Weiterlesen »
Alabama Medicaid to use $4 million to help postpartum momsCurrently, pregnant Medicaid-eligible patients qualify for full benefits during their pregnancy and throughout the postpartum time frame, which is currently 60 days. If the coverage extension is approved, that time frame would increase by nearly 10 months.
Weiterlesen »
Cardano Whales Grab $138 Million in ADA, Here’s Why It Could Be Interesting: SantimentRecent data shows that the massive accumulation of ADA made in June might resume in August
Weiterlesen »
Core Scientific increased Bitcoin production by 10% in July amid Texas power cutsCrypto miner Core Scientific produced 1221 Bitcoins in July, even though the company affirms having shut down its data centers several times during the month.
Weiterlesen »
Classic movies in H-Town: ‘Texas Chainsaw Massacre,’ ‘Urban Cowboy,’ ‘Casablanca’ and moreWatch classic movies in H-Town: ‘Texas Chainsaw Massacre,’ ‘Urban Cowboy,’ ‘Casablanca’ and more Hounews HTX Houston Thingstodo
Weiterlesen »
Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debateThere's no fooling analysts on inflation as U.S. payroll data accompanies fresh Bitcoin price rejection.
Weiterlesen »