Summary
- Glassnode analyzed that Bitcoin (BTC) is facing continuous selling pressure from short-term holders.
- They stated that due to increased volatility and reduced liquidity, meaningful accumulation has not resumed, increasing downside risk.
- They reported that the SOPR indicator of short-term holders has plummeted below 1, indicating that stop-loss selling is ongoing.
On the 11th (local time), on-chain cryptocurrency analysis platform Glassnode analyzed through X (formerly Twitter) that "Bitcoin (BTC) is facing continuous selling pressure from short-term holders."
They added, "Due to increased volatility, weak demand, and reduced liquidity, meaningful accumulation has not resumed in the on-chain environment," stating that "downside risk is increasing as a result."
Furthermore, they explained, "In particular, the selling pressure due to market panic has caused the SOPR indicator of short-term holders (on-chain data that measures whether holders are selling assets at a profit or loss) to plummet below 1, which represents the break-even point," adding that "this signals they are cutting losses as they cannot overcome fear."
Meanwhile, as of 01:13 on the 12th, BTC is trading at $80,742.71 on the Binance Tether (USDT) market, up 1.17% compared to the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
