2024-04-01 02:57:33
Blockchain analysis company Glassnode released its latest weekly report stating that Bitcoin fell by 15.4% after reaching a new all-time high last month. This is very similar to the previous 2018-2021 cycle. As Bitcoin breaks through new highs, long-term holding Investors began to increase profit-taking activities, and the market has now realized daily profits of more than 2.6 billion US dollars.
(Preliminary summary: Bitcoin is seriously “in short supply”! CryptoQuant: Monthly demand for BTC exploded by 430%, and sellers’ liquidity dried up)
(Background supplement: Bitcoin soars to $150,000 this year! Morgan Creek founder: BTC will reach its highest point on Christmas)
Blockchain analytics company Glassnode releases latestweeklyIt pointed out that after Bitcoin hit a record high of US$73,100 on March 13, the maximum decline reached 15.4%, falling to a low of US$61,800 on the 20th, and then rebounded to US$70,000.
It is worth noting that Glassnode found that the current market cycle has striking similarities with the previous cycle from 2018 to 2021 (blue). Judging from the duration of the cycle and the timing of peaking in April 2021, the current market is We are in a similar situation to December 2020, that is, the cycle has not yet reached its high point.It is worth mentioning that
Image source: Glassnode
Glassnode said that a total of 2 million Bitcoins moved from profit to loss as Bitcoin fell from its all-time high to recent lows of $61,200, and about 1 million more Bitcoins after Bitcoin rebounded to $66,500. The currency returned to profitability.
Long-term holders take profits after breaking new highs
According to the weekly report, when Bitcoin reached $73,200, investors took profits, locking in more than $2.6 billion in realized profits daily, about 40% of which were related to long-term holders, including from Grayscale GBTC investors who have withdrawn their capital.
Glassnode
The daily realized profits of short-term holders have reached US$1.56 billion, and the realized profits of these two major holder groups have reached similar levels to those during the peak of the bull market in 2021. As Bitcoin breaks through new highs, the profits of long-term holders There has been an increase in profit-taking, which has been typical of past Bitcoin cycles.
Glassnode concluded:
The Bitcoin market broke through a new high of US$73,000, triggering an increase in profit-taking activities by long-term holders. The market has now realized daily profits of more than US$2.6 billion, indicating that many investors are beginning to leave the market, but this is not an atypical market behavior. And it is very consistent with the market pattern that has emerged in all previous cycles when breaking out of all-time highs.
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