Why BTC holders shouldn’t worry though LTH is out of their positions

  • A new report indicates that long-term bitcoin holders have sold their positions.
  • Despite this, retail and large investors have shown interest in King Coins.

According to the data collected by children From CryptoQuantPrices bitcoin [BTC] It experienced high volatility after the CPI and FOMC. After that, a sharp peak in the long-term profit percentage is observed. This indicates that many long-term Bitcoin holders sold their positions and took profits.

Read Bitcoins [BTC] predict the price 2023-24

But while long-term holders have apparently lost faith in BTC, private investors have shown interest in buying the king coin. at a reduced price.

New money, old coin

Based on data from Glassnode, it has been observed that the number of addresses containing more than 0.1 coins has increased in recent months, reaching a record high of 4.16 million addresses.

During the same time period, addresses contain more than one currency One arrived high at all Also. This indicates that even though long holders have exited their positions, new traders and investors are still willing to buy more Bitcoin.

However, despite the increased interest from all kinds of investors, activity on the Bitcoin network has declined.

Data collected by Santiment revealed that the daily active addresses on the Bitcoin network dropped significantly in the past week. Besides, the speed of BTC has also decreased. This indicates a decrease in the exchange rate of bitcoins between addresses.

Another worrying factor is the sharp drop in bitcoin volume, which has fallen from 27.5 billion to 12.5 billion over the past 30 days.

Source: feeling

Despite the decrease in activity and volume, traders remained optimistic about the future of Bitcoin.

Bitcoin brand.

According to Coinglass data, the number of traders taking long positions on Bitcoin has increased exponentially. After December 16th, the number of long positions for Bitcoin started to grow. At press time, 63% of the top traders on Binance have taken long positions in favor of Bitcoin.

Source: Coinglass

Even though traders may make a profit in the near future, bitcoin holders still have to wait to make a profit.

Due to the decline in the price of Bitcoin, the market value of the coin in relation to realised value (MVRV) has decreased. This means that if BTC holders decide to sell, they will incur losses.

Source: feeling

Leave a Reply

Your email address will not be published. Required fields are marked *