Bitcoin Tests $63K as Long-Term Holders Keep Selling at a Loss
Bitcoin Tests $63K as Long-Term Holders Keep Selling at a Loss
Hathorn reads that turn more constructively. The return to inflows after a stretch of outflows suggests "longer-term investors are gradually returning to the market," she said—an early sign, to her, that institutional demand is recovering.
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Both Sun and Glassnode flagged early signs the heaviest selling may be nearing its end. Sun said the "liquidation intensity of long-term holders may have begun to peak," with on-chain realized losses starting to decline. Glassnode cited analyst CryptoVizart's view that bear markets rarely find "durable footing" until one-to-two-year holders exhaust their selling.
Absent "a larger external shock," Sun said, the decline may be limited, with weakening selling pressure and uncrowded leverage setting up a "choppy bottom" for Bitcoin. For now, the coins hitting exchanges still come mostly from investors who bought near the top—and until that fades, Glassnode argued, they remain the dominant force in the market.
This article has been published in decrypt.co via Yahoo News.
Bitcoin Tests $63K as Long-Term Holders Keep Selling at a Loss
Some two-thirds of the coins moving onto exchanges are long-term holders taking losses, as a macro risk-off drags on Bitcoin’s price.
finance.yahoo.com
