Glassnode Report: Bitcoin Establishes Solid Base Below $30,000

  • Blockchain data company Glassnode reports that Bitcoin’s supply distribution has formed a solid base below $30,000.
  • The majority of Bitcoin holders in profit are long-term investors who either hold onto their coins or take profits as prices rise.
  • Once a 75 to 25 profit-to-loss ratio is achieved, a significant “digestion” process occurs, leading to an accumulation period.

Bitcoin’s Solid Base Below $30,000

According to Glassnode, a company specializing in on-chain data, Bitcoin’s supply distribution has created a robust foundation beneath the $30,000 mark. The firm’s recent report indicates that the current profit-to-loss ratio is 75 to 25, meaning only a quarter of all coins were purchased above $30,000.

Long-Term Investors Dominate Profitable Holdings

Glassnode’s report further elaborates that the group in profit is predominantly composed of long-term investors. These individuals either hold onto their coins, a strategy known as “hodling,” or they take profits as the price of Bitcoin increases. The report suggests that a significant number of coins have changed hands in the past year, with a large cluster of purchases made between $15,000 and $30,000. However, only 25% of the supply was bought at prices above $30,000, with these purchases made during the 2021/2022 cycle.

Accumulation Period Follows Profit-to-Loss Ratio

The blockchain data firm also notes that once a 75 to 25 profit-to-loss ratio is reached, a substantial “digestion” process takes place, leading to an accumulation period. These accumulation periods are typically characterized by a lack of significant macro market movements and several months of volatile trading. As the market seeks this balance point, it remains to be seen whether a long and volatile process will ensue.

Glassnode had previously noted in one of its reports that Bitcoin is currently exhibiting movements similar to those seen before previous bull seasons.

Glassnode Report Bitcoin Establishes Solid Base Below 30000

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