80% of bitcoin investments are three months old or more - this is a sign of the bottom, Glassnode cl
The price of bitcoin has overcome the level of $22,000 at the time of writing, but this means that about 39% of holders of the first cryptocurrency still bear an unrealized loss. At the same time, Glassnode analysts claim, based on network on-chain data, that the cryptocurrency market has already reached its bottom.
In his tweet they noted that bitcoins, in which 80% of all dollar investments are invested, have remained motionless for at least three months. This means that most of the issue of the first cryptocurrency is inactive and that the hodlers are unwilling to sell the asset at the current price.
This conclusion was made by analysts based on the study of the realized capitalization (’realized cap‘) of bitcoin. This is a market capitalization option based not on the current market value of the asset, but on the price of each coin at which it last participated in the transaction. Thus, this indicator represents the realized value of all coins in the network, and not their market value.
WAVES OF REALIZED CAPITALIZATION OF BITCOIN HOLDERS. SOURCE: GLASSNODE
According to the Glassnode chart, similar levels of realized capitalization of bitcoin were observed at the end of the bear markets of 2012, 2015 and 2018.
The current bitcoin price is 68% lower than the record high of $69,044 recorded in November 2021. According to the analytical company IntoTheBlock, this means that about 39% of bitcoin holders have an unrealized loss.
INDICATORS OF THE BITCOIN NETWORK. SOURCE: INTOTHEBLOCK
Last week, Glassnode experts in the next weekly report were just wondering: has bitcoin reached the minimum of the bearish phase of the market? They admitted that by now there had already been quite a lot of signals of the bottom formation, but expressed uncertainty that this was enough to finally interrupt the protracted correction.
Coinbase's head of institutional Research, David Duong, in a report titledThe "Elusive Bottom", published on July 12, claimed that recent bitcoin sales were carried out almost exclusively by short-term speculators. The long-term owners of the first cryptocurrency are steadfastly holding on and not selling.
"These holders own a high share of ~77% of the total issue, which is below 80% at the beginning of the year, but still quite a lot," he explained. "We consider this a positive indicator of sentiment, because these holders are the least likely to start selling bitcoins due to turbulence in the market."
https://coin-signal.com/cryptonews/80-of-bitcoin-investments-are-three-months-old-or-more-this-is-a-sign-of-the-bottom-glassnode-claims/
#80, #Bitcoin, #Bottom, #Claims, #Cryptonews, #Glassnode, #Investments, #Months, #Old, #PATTERN, #Sign, #Three
#Bitcoin, #CryptoNews