Bitcoin [BTC] holders anticipating a bear market floor should read this

Bitcoin [BTC] prices have been unusually volatile in recent weeks. This can be considered in contrast with the broader financial markets (equities, credit, and currency markets) that have been significantly volatile within the same period, as per Glassnode’s latest report. While there were speculations that BTC investors sought to establish a bear market floor, Glassnode, […]

While there were speculations that BTC investors sought to establish a bear market floor, Glassnode, considered some on-chain metrics to drive home this point further.Firstly, Glassnode considered BTC’s Percent Supply in Profit. According to it, tracking the declining supply in profit was a useful tool for identifying “points of elevated financial stress, which have exhausted sellers in previous cycles.

Glassnode also looked further at BTC’s Net Unrealized Profit/Loss metric . This was used to assess the difference between unrealized profit and loss of the network as a proportion of the market capitalization. Glassnode then assessed BTC’s Adjusted-Net Unrealized Profit/Loss metric to correct for any contribution from inactive BTC supply. And the intelligence platform found that,

Presently, 18% of BTC’s total supply was held by short-term holders. 15% was held at an unrealized loss, while 3% of BTC’s supply held by short-term holders was held in profit.

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