HODL

Bitcoin

Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high. 
<h2 id="glassnode-sths-are-in-red">Glassnode: STHs Are In Red</h2> 
As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates. 
In a post on X, Glassnode, a blockchain analytics firm, <a class="editor-rtfLink" href="https://x.com/glassnode/status/1808426939058676013" target="_blank" rel="noopener nofollow">highlighted</a> how BTC finds itself in a unique situation. 
<img loading="lazy" decoding="async" class="size-full wp-image-627666" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590" alt="Bitcoin short-term holders are in red | Source: @glassnode via X" width="1024" height="590" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=4096 4096w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
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While Bitcoin is in green, rallying by over 100% over the last year, data shows that many short-term holders (STHs), primarily traders and speculators, are underwater. STHs are entities or addresses that bought their coins in the last 155 days or before the end of 2023. 
 During this time, not only did prices soar to an all-time high, meaning all coins were in circulation by mid-March 2024, but speculators were raving, expecting prices to continue soaring. However, this didn’t come to pass because no sooner had BTC breached $70,000, rising to $73,800, prices fell sharply. <a href="https://www.tradingview.com/x/WNX7irZv/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/WNX7irZv/" alt="Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
By mid-May, BTC cratered to $56,800 before briefly bouncing to around $71,500. The failure of bulls to break $72,000, a level closely monitored by traders, means sellers have the upper hand at press time. 
Glassnode’s assessment suggests that though STHs are feeling the pressure, only those who bought and HODL over the last year are in the money. With a 2X surge over the previous 12 months, BTC is technically in an uptrend, aligning with gains from the second half of 2023. 
<h2 id="hodlers-are-in-the-money-why-are-btc-whales-selling">HODLers Are In The Money: Why Are BTC Whales Selling?</h2> 
Other parallel data <a class="editor-rtfLink" href="https://x.com/AxelAdlerJr/status/1808377896228061298" target="_blank" rel="noopener nofollow">shows</a> that long-term holders (LTHs), especially those who bought in the last five to seven years, enjoy a realized price of less than $7,300. This means that regardless of the current volatility, these HODLers are in the money and can wait for the current shake-out to end. 
Amid this state of affairs, Lookonchain data <a class="editor-rtfLink" href="https://x.com/lookonchain/status/1808422792997793938" target="_blank" rel="noopener nofollow">shows</a> that Bitcoin whales have been moving coins to Binance. Often, transfers to centralized exchanges are considered bearish. Therefore, the more coins sent, the more bearish the sentiment and the net negative it is on prices. 
<img loading="lazy" decoding="async" class="size-full wp-image-627667" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456" alt="BTC whales are unloading | Source: @lookonchain via X" width="1024" height="456" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=2630 2630w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
As of July 3, the analytics platform noted that one whale sent 1,023 BTC, worth roughly $62 million, to Binance. Earlier, another whale transferred 1,723 BTC, worth over $106 million, to the world’s largest crypto exchange.

Bitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?

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