The current market situation remains primarily determined by Bitcoin [BTC] short-term holders. These holders were “jostling for the best entry price, and what little profit is available to take.” But now the situation might be a different one. Positive narratives may soon be emerging from the largest coin as it shows a will to survive […]
BTC holders. Repercussions of which were felt by loyal HODLers given the price corrections. But despite the latter’s conviction, short-term selling pressure marked new highs, thereby, erasing all the hard-earned gains.
However, now looking at HODL wave, Bitcoin unspent transaction outputs by when they last moved on-chain narrated a different scenario. Short-term holders were at a multi-year low and owned just 23% of the Bitcoin supply as of 31 August. This could be seen in the graph below as highlighted by Messari.Over the last seven years, Bitcoin’s short-term holders bottomed six times, with the following year always yielding positive returns. Messari’s report“The number of short-term holders has historically been a leading indicator of bitcoin price peaks.
To support this, consider BTC’s Market Value to Realized Value ratio. Upon looking at the MVRV, another opportunity could be up for grabs as the value fell below the key level of 1. This implied that holders were at a loss.when they last moved for all circulating BTC. At the end of August, the MVRV fell below the key level of 1, implying that holders are at a loss on aggregate.
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