Bitcoin

Apple

<a href="https://www.bitcoin.com/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">Bitcoin</a> long-term holders are showing remarkable resilience amid the deepest correction of the current BTC price cycle, according to crypto analytics firm Glassnode. 
In the latest edition of its weekly newsletter, The Week Onchain, Glassnode highlighted the strength of Bitcoin holders despite significant market downturns. 
Bitcoin is facing its most substantial drawdown of the current bull market, yet its steadfast “diamond hands” are not showing signs of panic. 
Glassnode noted, “If we look at performance indexed to the date of the Bitcoin halving, we can see that the current cycle is one of the worst performing.” 
This is despite the market reaching a new cyclical all-time high before the halving event in April, an unprecedented occurrence. 
Unlike previous well-known capitulation events, Glassnode’s analysis reveals that long-term holders are steadfast, even with BTC/USD hitting four-month lows of $53,500. 
The newsletter stated, “Looking at losses locked in by both Long-Term and Short-Term Holders, we note that the loss-taking events this week account for less than 36% of the total capital flows across the Bitcoin network.” 
Significant capitulation events in September 2019, March 2020, and May 2021 saw losses exceeding 60% of capital flows over several weeks, with contributions from both long-term and short-term holders. 
Long-term holders are defined as those holding Bitcoin for more than 155 days, while short-term holders have it for less, indicating a more speculative nature. 
Glassnode’s chart shows the lack of long-term holder participation in onchain selling at a loss during the BTC price drawdown. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/microsoft-and-apple-withdraw-from-openai-board-amid-regulatory-scrutiny/" data-wpel-link="internal">Microsoft and Apple Withdraw from OpenAI Board Amid Regulatory Scrutiny</a> 
They stated, “Following 18 months of up-only price action after the FTX implosion and 3 months of apathetic sideways trading, the market has endured its deepest correction of the cycle.” 
Despite this, the drawdowns in the current cycle remain favorable compared to historical cycles, indicating a robust underlying market structure. 
As Cointelegraph reported, short-term holders and day traders are particularly affected as profit margins turn negative. 
At $53,500 lows, short-term holders held nearly 2.8 million BTC, or 14.2% of the total supply, at an unrealized loss. 
Concerns are also rising among miners, with a hashrate capitulation phase reminiscent of the bear market bottom in late 2022. 
Charles Edwards, founder of Capriole Investments, highlighted that the recent drawdown has been preceded by a Hash Ribbon Capitulation signal, suggesting that a buy signal could still be weeks away. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

Bitcoin Long-Term Holders Remain Resilient Amid Deepest Correction of Current Price Cycle

Crypto Intelligence

12 Tem 2024 tarihli diğer yazılar

Uncertainty Looms For Polygon and Starknet as KangaMoon Remains on Top of Investors Watchlist

READYgg Launches RDYX Token on CoinList to Democratize Web3 Game Development

Monthly Wrap-Up May 2024: Securing a Polkadot Parachain, Launching the Incognitee Test Campaign &...

Looking Ahead to 2024: BlockDAG’s $57.6 Million, XRP’s Price Promise, and Stacks STX’s DeFi Progress

Axiom Foundation Signs with GolfN to Enable Play-to-Earn Golfing

Best Crypto to Buy Now July 12- MANTRA, Safe, Stellar

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!