Bitcoin

Read

Coin

With almost all short-term Bitcoin holders now underwater, a “degree of panic is dominating this group,” Glassnode says. 
The Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) market sentiment has shifted towards the negative for the first time since the end of 2022. Almost 98% of short-term holders (STH) supply is now held at a loss, Glassnode revealed in a recent <a href="https://insights.glassnode.com/the-week-onchain-week-38-2023/" target="_blank" rel="noreferrer noopener">report</a>. 
The market is now at the deepest level since <a href="https://crypto.news/former-ftx-ceo-apologetic-over-ftx-collapse/" target="_blank" rel="noreferrer noopener">FTX collapsed</a>. The analysts add that the cost basis of those investors who are spending crypto at current levels fell below the cost basis of holders. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1600" height="922" src="https://crypto.news/app/uploads/2023/09/iosjdoijfpskdgr.png" alt="Short-term Bitcoin holders reel as almost all sit in losses - 7" class="wp-image-14196034">
 <figcaption class="wp-element-caption">
 Bitcoin investors confidence since 2019 | Source: Glassnode
 </figcaption>
</figure> 
This behavior suggests a “degree of panic” among short-term investors, which might indicate the unwillingness of STH to buy or sell crypto in the near term. 
 You might also like: <a href="https://crypto.news/jp-morgan-lowers-bitcoin-production-costs-after-cbeci-update/"> JP Morgan lowers Bitcoin production costs after CBECI update </a> 
Glassnode pointed out the market has seen a “modest influx of new investors.” And yet, the influx of new investors is relatively weak compared to previous cycles, the analysts said. 
Given the macroeconomic conditions, regulatory challenges, and liquidity issues, the market is likely to remain uncertain in the foreseeable future, the analysts concluded. 
As crypto.news <a href="https://crypto.news/bitcoin-holds-above-26k-amid-uncertain-market-conditions/" target="_blank" rel="noreferrer noopener">reported</a>, Bitcoin whale transactions plunged by around 10% to less than 4,200 transfers, according to data from the market intelligence platform Santiment. The drop indicates that smaller investors rather than sharks and whales could have triggered the recent bullish momentum. 
Moreover, the total amount of Bitcoin supply on exchanges dived to 1.15 million BTC, showing signs of self-custodial accumulation after consistently declining since Sept. 7. 
 Read more: <a href="https://crypto.news/coin-metrics-co-founder-debunks-bitcoin-flipping-visa-in-transactions/"> Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions </a>

Short-term Bitcoin holders reel as almost all sit in losses

crypto.news

Ďalšie články zverejnené 19. 9. 2023

What’s Behind Institutions Selling Off Crypto Prices?

THETA Price Prediction for October: Will the Downfall Continue?

Polygon Unveils Details About POL and Polygon 2.0 Upgrade

Lawyer sentenced for OneCoin fraud denied new trial

OKX teams up with Solana Mobile over web3 expansion

VeChain Price Surges on Coinbase Listing, Stellar Price Drops, Kangamoon Attracts Meme Enthusiasts

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!