Editor's PiCK
"Bitcoin (BTC) Long-Term Holders Reduce Holdings... Market Peak Potential Raised"
Summary
- Glassnode pointed out the potential for a market peak as Bitcoin long-term holders' holdings decrease.
- It explained that the decrease in long-term holders' holdings tends to precede past market peaks.
- Investors are advised to prepare for the possibility of short-term price adjustments.
On the 14th (local time), on-chain analysis firm Glassnode announced on its official X (formerly Twitter) that the holdings of long-term holders (LTH) of Bitcoin (BTC), who have held for more than 155 days, have decreased for the second time this month, suggesting a potential market peak.
According to Glassnode, the Bitcoin held by long-term holders increased from 13.66 million BTC in mid-March to 14.29 million BTC, but has turned to a slight decline since May.
In particular, the indicator for the decrease in long-term holder holdings has currently risen to 0.43, which is interpreted as a signal that some long-term holders are selling their assets.
Glassnode explained, "In past cases, a decrease in long-term holder holdings often tends to precede market peaks."
This analysis suggests that investors need to prepare for the possibility of short-term price adjustments.
Meanwhile, BTC is trading at $103,399.62, down 0.27% from the previous day, as of 00:09 on the 15th in the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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