[Analysis] "Bitcoin short-term holders’ selling pressure eases… Market enters equilibrium phase"
Suehyeon Lee
Summary
- The rebound in Bitcoin’s price has eased the selling pressure from short-term holders.
- According to the Glassnode report, the STH Spent Volume in Profit has dropped to 45%, falling below the neutral line.
- The report analyzed that the market is entering an equilibrium phase similar to the mid-stage of the previous bull run.
As the price of Bitcoin (BTC) rebounded from its recent low of $112,000, the selling pressure from short-term holders (STH) taking profits has eased.
According to a Glassnode report cited by Cointelegraph on the 7th (local time), the 'STH Spent Volume in Profit'—which tracks the proportion of coins sold in profit by holders with less than 155 days—currently stands at 45%, having fallen below the neutral line.
The report states, "70% of STH supply is still in profit, and the profit/loss ratio of coins in motion is close to equilibrium," adding, "The market as a whole is in a ‘relatively balanced position’ similar to the mid-phase of the previous bull market."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Today’s Key Economic & Crypto Calendar] Atlanta Fed GDPNow, More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[New York Stock Market Briefing] Rebound on bargain hunting in blue chips…Apple jumps 4%](https://media.bloomingbit.io/PROD/news/3710ded9-1248-489c-ae01-8ba047cfb9a2.webp?w=250)
