Short-term bitcoin (BTC) holders are unwilling to sell their BTC in the current cryptocurrency market slump, according to analytics firm Glassnode.
In a new video on YouTube, the company looks at the short-term bitcoin holders’ sell risk ratio, a metric that analyzes how much BTC has moved in the last five months.
The metric takes the sum of all on-chain realized profit and loss in that cohort and divides it by its realized cap, which represents the value of each bitcoin when it last moved rather than its current market value.
Glassnode says that, overall, holders of short-term securities aren’t spending right now, whether they’ve made a profit or bought the local top.
“We are probing historically low levels. [in this metric]. Again, in the early stages of history, we can generally ignore this. We have to go back to 2014/2015, but this is actually an all-time low in the desire to spend of short-term coin holders. Coins are simply not re-priced. These low values therefore tell us, along with the Bollinger Bands, that there is a high probability that investors are exhausted by this price range and need something to change to motivate them to spend. »
Bollinger Bands (BB) measure the oscillation of an asset’s price and volatility over time.
Bitcoin is trading at $28,593 as of this writing. The largest crypto asset is down more than 2% in the past 24 hours.
Writer for the news site Essonneinfo. Hélène specializes in writing and journalism, she likes to share interesting information and news with readers. Apart from her journalistic activities, Hélène is passionate about arts and culture, she likes allis au museh, godcorvrir of norvelles expositions et assister has of the concerts.
2023-08-17 12:34:16
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