bitcoin (31)

Bitcoin fatigue and apathy at historic lows: Glassnode report

In its latest report, the Glassnode company has mentioned the low volatility in bitcoin. Noting that money entering the bitcoin market has recently been at one of the lowest levels in history, the company said that realized cap, one of the most important metrics in on-chain data, has probably dropped since inception. has just moved. year and is moving at the same level.

“Short term buyers are buying”

Stating that they split the actual market capitalization into two parts as long-term and short-term investors, Glassnode analysts said that since the beginning of the year, the value held by short-term investors has increased by $22 billion, While the value of assets held by long-term investors has decreased by $ 21 billion.

In Glassnode’s statement on the subject, the following assessment was made:

“Short term investors are pushing the market higher. They also increase the average cost. Coins bought at the level of 24 thousand dollars in 1 quarter began to enter the position of a long-term investor. The cost basis for the short term has increased by 59% since the beginning of the year and is now $28.6k. Long term lows at $20.3k.”

“The Faith Remains Strong”

The report, which states that the number of BTC in the hands of long-term bitcoin investors has hit a new record, includes the following statement:

“The supply of the coin is increasing day by day in the hands of long term investors. This number recently broke a record with 14.6 million BTC. In the short term, the number of BTC dropped to an all-time low of 2.56 million BTC. This shows that the majority of bitcoin investors still have strong faith in the largest cryptocurrency.

It was published:

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