Has the Bitcoin & Crypto Slump Ended? Insights Unveiled by Glassnode!

  • Bitcoin whales significantly contributed to the recent BTC downturn, according to Glassnode data.
  • Bitcoin addresses in loss have reached a new monthly all-time high.
  • Two on-chain indicators suggest the short-term crypto slump may have ended. However, an increase in open interest is required for a bullish trend.

Bitcoin’s recent price drop has paused, but has it completely ended? On-chain data provides strong signals. Just as historical data warned about this week’s volatility spike, the same models are giving numerous signals about the current situation. It’s beneficial to look at on-chain readings, even though they don’t predict the future, they have a high success rate.

Has the Bitcoin Slump Ended?

It would be wise to examine the state of Bitcoin, especially after completing a week of decline. Measurements reveal how recent events have affected BTC accumulations and demand. The number of addresses in profit or loss is a crucial metric for Bitcoin analysts. It provides a rough estimate of how investors have been affected by the recent downturn and can be used to assess the impact of selling pressure.

Bitcoin addresses in loss

According to a recent Glassnode report, the number of Bitcoin addresses in loss has reached a new monthly high. This signifies that Bitcoin’s breakeven point is above the current level, confirming the short-term focus. Meanwhile, the supply of BTC that has been active for over a decade has reached a new all-time high.

The short-term downturn may have ended, according to the above ATH signal.

Will Cryptos Rise?

Digging deeper, we found that the number of addresses in loss has reached a new monthly high. These findings do a great job of determining the magnitude of the downturn’s impact on BTC holders. However, these findings do not highlight the outcome after the crash. Perhaps evaluating whale activity on Glassnode could provide an idea of what the market’s next move might be.

Whale activity on Bitcoin

The number of addresses holding over 1,000 and 10,000 BTC has significantly decreased. This confirms that Bitcoin whales contributed to the selling pressure between August 14-17.

Bitcoin exchange entries and exits

The latest findings support the view that the initial downturn has ended since whale sales have also calmed down. But will the rise begin? In terms of accumulation, Bitcoin’s exchange flow data shows that the amount of BTC flowing out of exchanges outweighs the entries. Net coin flow from exchanges to private wallets is a sign of accumulation. On the other hand, we saw a massive drop in open interest, which remained calm at the bottom along with the price. An increase in open interest in the coming days could be a strong leading signal for the price to start rising again.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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