Glassnode: about 90% of short-term bitcoin holders were at a loss

Glassnode: about 90% of short-term bitcoin holders were at a loss

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Author: Liam Miller
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Glassnode: about 90% of short-term Bitcoin holders were at a loss

Glassnode analysts believe that about 90% of short-term Bitcoin holders have turned out to be at a loss



The most likely scenario for further developments is continued selling by short-term bitcoin holders, whose holdings currently total 2.26 million BTC, experts believe

About 88.3% of short-term bitcoin (BTC) holders would record a loss if they sold their holdings now, according to a report by analysts at Glassnode.

Last week, there was a sharp sell-off in the market, causing prices of the main cryptocurrency to fall below $25,000, ending a period of historically low volatility, the document said. The BTC exchange rate was around $26k as of 15:00 Moscow time on August 21, according to Coingecko.

While long-term holders are mostly unaffected by such a fall, short-term holders have 88.3% of open positions (about 2.26 million BTC) in unrealized losses.

The most likely scenario going forward is continued selling by short-term Bitcoin holders, whose holdings currently total 2.26 million BTC, according to Glassnode analysts.

"The calm before the storm". What will happen to Bitcoin after the fall

The bitcoin exchange rate fell to $28.6 thousand on August 17 and updated the minimum for a month. Over the day, the first cryptocurrency fell in price by 1.7%.

At the same time, the managing partner of Fundstrat Tom Lee predicted bitcoin growth to $150 thousand in the case of the launch of bitcoin-ETF. Approval of spot bitcoin-ETFs in the United States will change the dynamics of supply and demand of cryptocurrency, as a result of which the bitcoin rate will grow significantly, he believes.

 

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