Glassnode: Sellers' Behavior may Signal Market Day
According to a report by the analytical company Glassnode, signs of exhaustion of sellers may hint at the bottom of the BTC market
Realized losses (losses incurred during the sale of assets) show the degree of capitulation of investors. According to Glassnode, the May collapse of the TerraUSD (UST) stablecoin and the LUNA coin triggered a wave of realized losses of $28 billion over a 30-day period. On June 18, the exchange rates fell below the historical high of 2017 and realized losses jumped to a record level of $36 billion over a 30-day period.
As retail and short-term investors are pushed out of the market during large sales, stocks of hodlers, that is, groups of long-term investors who are insensitive to the exchange rate, are growing. The more hodlers there are, the more stable the exchange rate becomes and the higher the probability of the market reaching the bottom.
Now more than 80% of the dollar capital that is in BTC is older than three months, which indicates the depletion of almost all short-term traders during the waves of sales in May and June. The indicators coincide with the data on the end of the formation of the bottom of the bear market in 2012, 2015 and 2018.
">Against the background of extremely complex macroeconomic and geopolitical shocks, bitcoin reaches the peak of saturation with reliable hodlers and it becomes quite likely that the formation of a real bottom can begin," Glassnode notes
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