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Tag: glassnode

  • Famous Trader Bets $27 Million That The XRP Price Will Crash

    A famous trader is betting on a significant XRP price crash amid this recent market downtrend. The altcoin continues to struggle despite the recent launch of Canary’s XRP ETF, with popular analyst Ali Martinez suggesting it could soon drop below the psychological $2 level. 

    Famous Trader Opens $27 Million Short Position On XRP

    In an X post, the on-chain analytics platform Lookonchain revealed that a famous trader is shorting the market again, opening a 20x short on XRP worth $27.4 million. The trader has also opened short positions of 40x and 10x on Bitcoin and ZEC, respectively, worth $148.5 million and $20.4 million. 

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    This comes as the XRP price continues to struggle, putting it at risk of a further decline, especially with concerns that Bitcoin may already be in a bear market. Crypto analyst Ali Martinez also predicted that XRP could drop to as low as $1.73 if it loses the $2.15 support level. 

    Meanwhile, XRP continues to face significant selling pressure despite increased institutional adoption through the launch of Canary’s XRP fund, with more XRP ETFs also set to launch. Santiment data shows that whales holding between 1 million and 10 million coins recently sold almost 200 million coins in the space of 48 hours. 

    Source: Chart from Ali Martinez on X

    This may just be the start of a larger sell-off following Glassnode’s recent revelation. The on-chain analytics platform revealed that the share of XRP supply in profit has fallen to 58.5%, which is the lowest since November 2024, when the price was trading at around $0.53. Glassnode further noted that despite XRP trading 4x higher now, 41.5% of its supply (around 26.5 billion) sits in loss, which it claimed is a “sign of a top-heavy and structurally fragile market”.

    Macro Structure Points To A Decline To $2.03

    Crypto analyst CasiTrades stated that XRP is still likely making its way down to the macro .5 fib support at $2.03. She claimed that the move is playing out perfectly as Wave 2s are corrective and that the choppiness is exactly how the market should behave. The analyst further revealed that the only invalidation of the drop to the $2.03 support is a decisive break above the macro .382 level at $2.41. 

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    CasiTrades explained that this $2.41 level remains the line in the sand and that, as long as XRP stays below it, the structure points to a final sweep of $2.03. She also raised the possibility of a drop to the “still-valid” macro target at $1.65, which is the .618 fib level. The analyst noted that Wave 2 corrections commonly reach the .618 and that the longer XRP ranges without breaking resistance, the more probable a drop to that level becomes. 

    CasiTrades stated that a move to $1.65 would not be bearish, as it would build the kind of momentum needed for a powerful macro Wave 3 to new all-time highs (ATHs). She has predicted that XRP could rally to a new ATH of as high as $10. 

    At the time of writing, the XRP price is trading at around $2.15, down in the last 24 hours, according to data from CoinMarketCap.

    XRP
    XRP trading at $2.15 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

    Scott Matherson

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  • Bitcoin Slips Below STH Cost Basis – Why This Could Be A Buy Signal?

    Bitcoin price has continued to hover in the range of $106,000-$108,000 over the last 24 hours. The premier cryptocurrency is presently displaying some stability following another volatile trading week, which produced a 3.41% price loss. Notably, Bitcoin’s movement amid this corrective phase has triggered an interesting on-chain signal with bullish implications.

    Bitcoin Short-Term Holders Go Underwater, But Historical Data Reads Bullish Signs

    In an X post on October 18, popular market analyst, Ali Martinez, shares an important on-chain development. Amid the recent price decline, Martinez notes that Bitcoin slipped below its short-term holders’ (STH) realized price, creating an ideal situation for a market accumulation based on historical data.

    For context, the STH realized price represents the average acquisition price of coins held by short-term investors, i.e, wallets that have held BTC for less than 155 days. Typically, when the market price dips below this level, it indicates that new market entrants are underwater, signaling local capitulation and short-term fear in the market

    Based on the Glassnode data shared by Martinez, Bitcoin fell below its STH realized price on October 14 during its latest price correction. While such developments usually trigger temporary selling pressure, historical data show it has also become a cue for strategic buyers. 

    In particular, the price dip below the STH realized price appears to align with strong rebound points in the market. Notably, the chart above shows four prior instances (May 2023, November 2023, August 2024, and May 2025), where Bitcoin’s descent below the STH realized price was followed by substantial recoveries.

    Martinez explains that this price dip usually provides a good opportunity for market accumulation, thereby fueling future price rallies. Interestingly, the broader Bitcoin market remains dominated by long-term holders, who are potentially utilizing this price pocket to strengthen their holdings, thus maintaining the present bullish structure.

    Bull Market Still On 

    In other news, a fellow market analyst with the username Titan of Crypto has recently stated that the Bitcoin bull market remains active amid bearish speculations following the latest price drops. Titan of Crypto has hinged their positive market insight on the 38.2% Fibonacci retracement level, which has acted as a pivotal level in determining price direction in the current market cycle 

    The analyst notes that as long as Bitcoin’s weekly candle holds above this level, the broader bull market continues to stay active. At press time, Bitcoin is valued at $106,800, reflecting a minor 0.40% decline in the past day. Meanwhile, daily trading volume is down by 61% and valued at $39.3 billion. 

    Bitcoin

    Semilore Faleti

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  • Bitcoin’s $117k Reset Unlocks Path Toward ATH As Bullish Structure Strengthens

    Bitcoin is presently valued in the $122,000 price region following an impressive price surge over the last week. Notably, bullish sentiments around the crypto market leader are presently strong as analysts speculate that another accumulation phase may have commenced. On-chain analytics page, Swissblock has now provided an in-depth analysis of the present market situation, with insights on potential drivers for profits or losses.

    BTC Dip To $108,600 A Constructive Reset

    Earlier this month, Bitcoin registered a sharp decline from $117,000 to $108,600, sparking fears of a deeper correction. Although the market has since recovered, Swissblock explains that several on-chain indicators show the move was less a collapse and more a constructive reset.

    The notion of a “reset, not capitulation” is key as resets allow markets to flush out excess leverage, absorb weak-handed sellers, and create room for fresh demand. Swissblocks explains that this is exactly what occurred in the $114,000–$118,000 range, where many late buyers from August had been looking for an exit. Their supply was absorbed, clearing a cluster of resistance and unlocking the path to retest all-time highs.

    Notably, this price drop also highlighted the resilience of Bitcoin’s short-term holder (STH) base. Glassnode data shows the STH cost basis, or the average purchase price for recent buyers, sits at roughly $111,600. This level has now been defended five separate times since May, making it an important pivot point in the present market cycle.

    Long-Term Behavior Encourages Bullish Shift But Downside Risks Remain

    At the same time, Swissblock notes that long-term holders (LTHs) have noticeably slowed their rate of distribution. While they continue to sell, the pace is far less intense than in previous months. This cooling of supply pressure allows new participants to accumulate with less resistance. Historically, such phases have marked the transition from distribution to accumulation, creating structural stability and setting up bullish continuation.

    However, downside risks remain in that a resurgence of heavy selling could tip the balance and reintroduce fragility. However, as long as Bitcoin avoids slipping into a high-risk regime, the outlook favors resilience and upside potential.

    At the time of writing, Bitcoin trades at $122,052, reflecting a slight 1.47% gain in the last 24 hours. Daily trading activity has also surged by 19.28%, reinforcing the strength and momentum behind the ongoing market rally. With a market cap of $2.43 trillion, Bitcoin continues to rank as the world’s largest cryptocurrency and fifth-largest asset.

    Bitcoin

    Featured image from Flickr, chart from Tradingview

    Semilore Faleti

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  • Total Illiquid Bitcoin Has Reached 72% Of Supply, What Does This Mean For Price?

    The total illiquid Bitcoin has reached a new high, providing a bullish outlook for the flagship crypto. This refers to the BTC supply that is unlikely to hit the open, given the long-term holding of the investors who own these coins. 

    Bitcoin’s Illiquid Supply Hits New High

    Glassnode data shows that Bitcoin’s illiquid supply has reached a new high of 14.3 million BTC, marking over 72% of the flagship’s circulating supply. This supply is held by long-term holders (LTHs) who haven’t moved their coins in over seven years, highlighting a strong conviction in the flagship crypto. 

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    A large part of Bitcoin’s supply being in the hands of long-term holders is typically bullish, as it continuously reduces the amount of selling pressure on the coin. It could also lead to a potential supply shock, whereby demand outpaces supply. 

    Source: Chart from Glassnode on X

    Asset manager Fidelity stated in a research report that this new demand for BTC, coupled with a fixed supply and decreasing issuance schedule, was what likely sparked the rally to a new all-time high (ATH) above $124,000. Fidelity further predicted that this upward trend for the Bitcoin price could continue in the years ahead. 

    Meanwhile, Fidelity highlighted two distinct cohorts that satisfy the threshold of Bitcoin’s illiquid supply. The first is the BTC that was last moved seven or more years ago, while the second is public companies that hold at least 1,000 BTC. Michael Saylor’s Strategy leads the latter as his company currently holds 638,985 BTC, which accounts for over 3% of Bitcoin’s total supply. Strategy hasn’t sold any coin since it began accumulating in 2020. 

    Fidelity predicts that the combined group will hold over six million Bitcoin by the end of 2025 or over 28% of the crypto’s total supply of 21 million. The asset manager noted that BTC’s illiquid supply has only decreased quarter-over-quarter once in its history. 

    BTC’s Scarcity May Become Its “Focal Point”

    Fidelity predicts that over time, Bitcoin’s scarcity may become the focal point as more entities buy and hold BTC long term. They noted that the illiquid supply could rise drastically if nation-state adoption increases and the regulatory environment continues to evolve. Countries like the U.S. are already looking to establish a Strategic Bitcoin Reserve, which could create a massive supply shock. 

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    On the other hand, Fidelity noted that there is the possibility of large amounts of Bitcoin’s illiquid supply being transferred. This could happen as long-term holders and public companies move to realize gains, possibly due to a significant price appreciation. The asset manager earlier mentioned that early signs of potential capitulation may already be emerging as 80,000 ancient BTC were sold in July 2025.  

    At the time of writing, the Bitcoin price is trading at around $115,600, down in the last 24 hours, according to data from CoinMarketCap.

    Bitcoin
    BTC trading at $115,963 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from Pixabay, chart from Tradingview.com

    Scott Matherson

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  • Ethereum’s MVRV Hits 1.97 — Can Bulls Hold Their Ground?

    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

    Semilore Faleti

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  • Bitcoin Price Surges Above $64,000 — Here’s The Resistance Level To Watch

    Bitcoin Price Surges Above $64,000 — Here’s The Resistance Level To Watch

    Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

    Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

    Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

    When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

    Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
    Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

    Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

    Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

    Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

    Opeyemi Sule

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  • Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs

    Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs

    June was much rougher for Bitcoin than many expected at the beginning of the month. This is because the price of Bitcoin virtually declined throughout the month, leaving many investors, especially short-term holders, disappointed.

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    However, despite the price decline, on-chain data suggests that Bitcoin adoption is growing. New data shows the number of new Bitcoin addresses being created has surged to the highest level in two months. This growth suggests the long-term prospects for Bitcoin remain strong.

    New BTC Addresses Surge To 2-Month High

    Despite the price slump, the network is exhibiting a promising trend that signals future growth for the world’s largest cryptocurrency. According to Glassnode chart data initially shared on social media platform X by crypto analyst Ali Martinez, new BTC wallet addresses have risen steadily over the past week to reach 352,124, their highest level since April. 

    Interestingly, the chart shows that the recent uptick in new addresses contrasts with a larger decrease in the creation of new addresses since November 2023. This new increase points to an influx of new users entering the crypto space. As more people adopt Bitcoin, demand will inevitably grow, which is a catalyst for price surges down the line.

    Furthermore, Martinez suggested that the uptick in new addresses is from retail investors making a comeback. While institutional investors often drive major market moves, retail interest is crucial for Bitcoin’s mainstream adoption.

    A major part of the increase in new addresses can be attributed to recent adoption in the Brazilian market. Nubank, Brazil’s biggest neobank, recently announced plans to integrate Bitcoin’s lightning network into its services. As the largest fintech bank in Latin America, this integration could potentially expose a significant portion of its 100 million customers to the digital asset.

    Bitcoin is currently trading at $61,446. Chart: TradingView

    What’s Next For Bitcoin?

    At the time of writing, Bitcoin was trading at $61,446. The leading digital asset has lost over 10% of its market cap in a 30-day time frame and the bulls are struggling to break above $61,000. This downtrend could be attributed to a selloff by miners and many long-term holders. Specifically, around 40,000 BTC were sold by long-term holders in June. 

    Bear markets are temporary. Bull runs will return. It’s just a matter of when, not if. With the second half of the year now approaching, time can only tell how the price of Bitcoin unfolds. Of course, new wallet addresses don’t directly impact price, but they are a leading indicator of growing Bitcoin adoption.

    Related Reading

    This adoption and demand, coupled with a recent decrease in the number of new Bitcoins entering the market, points to an increase in the price of Bitcoin in July.

    Featured image from CNBC, chart from TradingView

    Scott Matherson

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  • Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

    Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

    Recent insights from Glassnode’s cofounders, shared under their X (formerly Twitter) account ‘Negentrophic’ have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge.

    Market Sentiments And EMA Trends

    With Bitcoin’s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound.

    This crucial support level indicates a strong buying sentiment, indicating the market’s confidence in the cryptocurrency’s value and a potential resistance against further declines.

    Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the current price levels as a solid base, preventing significant downward movements.

    This perspective is reinforced by recent price movements, where despite a pre-halving general dip, Bitcoin has experienced a 7.1% increase in value over the past week, and the same uptick continued in the last 24 hours.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Further analysis by the Glassnode cofounders delves into the behavior of EMAs over different durations. Short-term EMAs indicate a growing inclination among investors to buy, while longer-term EMAs lean towards selling.

    This contrasting behavior between short and long-term EMAs sheds light on the current phase of the market, which seems to be in a period of consolidation after the notable 92% increase in Bitcoin’s price over six weeks earlier in the year.

    Such insights are vital as they offer a deeper understanding of the underlying market forces and investor behavior during volatile periods.

    Meanwhile, Glassnode’s team’s analytical approach extends beyond simple price movements. Yesterday, they compared the current market conditions to the early 2021 “strong correction,” which they term “wave 4” of the ongoing market cycle.

    This historical perspective provides a lens through which current trends can be evaluated, suggesting a cyclic return to bullish conditions reminiscent of past market behaviors.

    Bitcoin Bullish Projections And Market Dynamics

    Bitfinex analysts have highlighted significant activities around Bitcoin withdrawals, supporting the optimistic outlook on Bitcoin. The current levels, echo those of January 2023, suggest that investors are increasingly moving their Bitcoin to cold storage—a sign that many anticipate further price increases.

    Veering back to Glassnode’s projections yesterday based on their indexes and Fibonacci levels, the cofounders were boldly optimistic, anticipating a potential 350% increase from current market levels.

    Notably, this forecast highlights the expected financial trajectory and underscores a growing confidence among experts and market analysts in Bitcoin’s market performance and its foundational economic principles.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Samuel Edyme

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  • Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern

    Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern

    The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern.

    Bitcoin Long-Term Holders Have Been Ramping Up Distribution

    In a new report, Glassnode discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have been holding onto their coins for more than 155 days.

    The LTHs comprise one of the two main divisions of the BTC user base based on holding time, with the other cohort known as the “short-term holders” (STHs).

    Historically, the LTHs have proven themselves to be the persistent hands of the market. They don’t quickly sell their coins regardless of what is happening in the broader sector. The STHs, on the other hand, often react to FUD and FOMO events.

    As such, it’s not unusual to see the STHs participating in selling. However, the LTHs showing sustained distribution can be something to note, as selling from these HODLers, who usually sit tight, may have implications for the market.

    There are many different ways of tracking the behavior of the LTHs, but in the context of the current discussion, Glassnode has used the “LTH Market Inflation Rate” metric.

    As the report explains:

    It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market’s sell-side pressure.

    Now, here is a chart that shows the trend in the BTC LTH Market Inflation Rate over the past several years:

    The value of the metric seems to have been on the rise in recent days | Source: Glassnode

    In the chart, the analytics firm has also attached the data for the asset’s Inflation Rate, which is basically the amount that the miners are introducing into the circulating supply by solving blocks and receiving rewards for them.

    When the LTH Market Inflation Rate equals 0%, these HODLers are accumulating amounts exactly equal to what the miners are issuing.

    This implies that the indicator below the 0% mark suggests the LTHs are pulling coins out of the supply, while it being above is a sign that they are either distributing or just not buying enough to absorb what the miners are producing.

    The graph shows that historically, the cryptocurrency’s price has tended to reach a state of equilibrium and potentially even a top when the LTH distribution has peaked.

    The LTH Market Inflation Rate has been increasing recently, but it’s yet to reach any significant levels. As for what this could mean for the market, Glassnode says:

    Currently, the trend in the LTH market inflation rate indicates we are in an early phase of a distribution cycle, with about 30% completed. This suggests significant activity ahead within the current cycle until we achieve a market equilibrium point from the supply and demand perspective and potential price tops.

    BTC Price

    Bitcoin has retraced most of its recovery from the past few days, as its price has now declined to $63,800.

    Bitcoin Price Chart

    Looks like the price of the asset has witnessed a drawdown again | Source: BTCUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Keshav Verma

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  • Bitcoin Short-Term Holders Just Locked In $647 Million In Profits

    Bitcoin Short-Term Holders Just Locked In $647 Million In Profits

    On-chain data from Glassnode shows that the Bitcoin short-term holders have recently participated in a massive $647 million profit-taking event.

    Bitcoin Short-Term Holders Have Realized Large Net Profits Recently

    According to data from the on-chain analytics firm Glassnode, the short-term holders have given a strong reaction to the $52,000 break. The “short-term holders” (STHs) here refer to the Bitcoin investors who bought their coins within the past 155 days.

    Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. The STHs have a relatively low holding time, so they easily sell during price rallies or crashes.

    On the other hand, the “long-term holders” (LTHs), which make up the rest of the userbase (that is, those withholding time greater than 155 days), tend to carry a strong resolve.

    Since the STHs are fickle-minded, it’s not surprising that they have made some selling moves after the latest rally in the asset. One way to gauge the reaction of this cohort is through the “Net Realized Profit/Loss” metric.

    This indicator keeps track of the net profit or loss the investors realize across the network. The metric finds this value by going through the on-chain history of each coin being transferred right now to check the price it was moved at before.

    Assuming that a change of hands occurred in the previous transfer and that another such change is happening with the current one, then the coin’s sale would realize a profit or loss equal to the difference between the two prices.

    The Net Realized Profit/Loss sums up all such profits and losses and outputs the net value. Now, here is a chart that shows the trend in this indicator specifically for the Bitcoin STHs over the past few years:

    Looks like the value of the metric has been significantly positive in recent days | Source: Glassnode on X

    As displayed in the above graph, the Bitcoin STH Net Realized Profit/Loss has spiked to highly positive levels recently, implying that these investors’ profits have significantly outweighed the losses.

    This cohort has realized $647 million in net profits during this latest selling spree. The chart shows that the last time the indicator was at higher positive values was back around the formation of the 2021 all-time high.

    The current values aren’t off this mark, but the STH Net Realized Profit/Loss levels that hit back during the first half of the 2021 bull run are still far away. For perspective, the peak in the metric achieved back then was $2.5 billion, which remains the all-time high for the indicator.

    BTC Price

    Since the rapid surge above $52,000, Bitcoin has calmed down slightly, as it has moved sideways in the past few days. At present, BTC is trading at around $52,500.

    Bitcoin Price Chart

    The price of the asset seems to have slowed down in the last two days or so | Source: BTCUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Keshav Verma

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  • SHIB price struggles despite escalating number of addresses

    SHIB price struggles despite escalating number of addresses

    The Shiba Inu token (SHIB) has achieved a noteworthy feat after exceeding 3.7 million addresses.

    According to information provided by Glassnode, the total number of unique addresses that have ever appeared in a SHIB transaction has risen to about 3.74 million.

    Source: Glassnode

    Data from CoinMarketCap painted a more concise picture, revealing that out of the 3.74 million addresses, about 1.23 million contained tokens worth less than $1,000.

    In comparison, 98,200 addresses held tokens between $1,000 and $100,000. Per the data, less than 2,000 addresses held tokens surpassing $100,000.

    SHIB burn rate surges over 2,000%

    In another development, the meme coin’s burn rate shot up by an impressive 2,068.92% in the last day, leading to the removal of more than 53.5 million tokens from circulation. 

    This spike in burning activities is part of a broader initiative by the Shiba Inu team to introduce automated SHIB burns, initially publicized in a blog post in early December 2023. 

    In a now-deleted post on X that was captured by a Shiba Inu-themed account @ShibBPP, Shibarium team member RagnarShib.eth hinted that the meme coin project was ready to incinerate as many as 9.25 trillion Shiba Inu tokens this month.

    This substantial burn is anticipated to come from the $1 million worth of BONE reported by the team in late 2023, equating to 101,522,842,639 SHIB tokens.

    Over 36 billion of these tokens have already been moved to non-recoverable blockchain addresses in four transactions, each carrying more than 8.5 billion SHIB.

    In light of the recent surge in the burn rate and transition towards automated burns, Shiba Inu’s efforts to enhance the utility of the token and address inflation concerns are evident.

    SHIB price fails to get momentum

    However, despite the escalating number of addresses and the significant burn rate, SHIB’s price has continued to struggle to gain traction.

    The token is currently valued at $0.000009499, showing a decrease of 1.81% over the past 24 hours and a 9.7% decline over the week. SHIB prices did not fare any better in the last month or fortnight, falling 5.3% and 12.7%, respectively.

    Data from Santiment has also revealed a steady decrease in SHIB’s exchange supply over the past 30 days, indicating an increasing propensity among investors to collect and retain SHIB.


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    Julius Mutunkei

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  • Bitcoin Spot ETF Will Bring $70 Billion In New Money – Glassnode

    Bitcoin Spot ETF Will Bring $70 Billion In New Money – Glassnode

    Blockchain analytics firm Glassnode has estimated a substantial influx of investor demand following the approval of Bitcoin Spot ETF. The analysis indicates around $70 billion in new money flowing into Bitcoin, potentially setting the stage for a BTC price rally. 

    Bitcoin Spot ETF Set To Ignite New Inflows

    Blockchain data and intelligence provider, Glassnode has recently published research insights on the potential impacts of Bitcoin Spot ETF approvals on the price of Bitcoin and the broader crypto market. The on-chain analytics company has predicted about $70.5 billion flowing into Bitcoin from increased demand from institutional investors. 

    Glassnode bases its analysis on the assumption that substantial portions of capital invested in the stocks, bonds, and gold market might shift toward Bitcoin investments. The blockchain analytics firm has stated that this influx of new capital could have a huge effect on the Bitcoin market, potentially driving its price to greater levels. 

    “Based on these assumptions, we estimate approximately $60.6 billion could flow into Bitcoin from the combined stock and bond ETFs, and about $9.9 billion from the gold market, totaling around $70.5 billion in potential new capital influx,” Glassnode stated. 

    It added:

    “This significant infusion of new capital could have a considerable impact on Bitcoin’s market, potentially driving up its price as it gains broader acceptance and becomes integrated into more traditional investment portfolios.”

    Bitcoin Futures And Altcoins Soar On BTC ETF Hype 

    Glassnode has extended its analysis to examine how Spot Bitcoin ETF applications are influencing Chicago Mercantile Exchange (CME) Bitcoin futures and various altcoins. 

    The blockchain analytics firm has stated that the recent crypto market recovery has been driven by the surrounding anticipation of Spot Bitcoin ETF potential approval by the United States Securities and Exchange Commission (SEC). 

    Bitcoin (BTC) is currently trading at $37.696. Chart: TradingView.com

    “The market’s upward trajectory was largely driven by the anticipation of Spot BTC ETF approvals, with market movements significantly influenced by updates on filings from major financial entities like Invesco and BlackRock,” Glassnode stated. 

    The on-chain analysis firm revealed that the growing optimism in Spot Bitcoin ETFs has caused a notable increase in Bitcoin futures on CME. According to the blockchain intelligence provider, CME Bitcoin futures rose to an all-time high of 27.8%, exceeding Binance for the first time since the start of the crypto bear market. 

    Various other altcoins like Ethereum and Solana also experienced staggering price increases. Solana surged by 79.05%, and Ethereum’s price is presently above the $2000 mark. 

    The most notable increase caused by the ongoing hype on Spot Bitcoin ETFs was seen in Bitcoin. BTC surged above $37,000 as the optimism of regulator approvals for the first Spot Bitcoin ETF spread. 

    Additionally, institutional engagement in open interest in Bitcoin call options also rose by $4.3 billion, marking an 80% increase to surpass $9.7 billion. These recent spikes in investor demand and crypto prices have signaled a potential bullish trajectory for the maturing crypto market. 

    Featured image from Pexels

    Scott Matherson

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  • Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

    Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

    The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.

    Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge while offering insights into the future prospects of the cryptocurrency.

    On-Chain Data Shows Whales Continue To Buy ETH

    Renowned crypto analyst Ali Martinez, in a post on X, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.

    Ethereum whales increase balance for nine days in a row | Source: Ali_charts/X

    Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that “the increasing buying pressure could be a strong signal for ETH bullish price action.”

    Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.

    Another analyst offered a similar on-chain perspective to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).

    According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether’s circulating supply. 

    Ethereum Price – Where Next?

    While Ethereum’s price broke above the $2,100 mark on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.

    Many investors might want to keep an eye on the cryptocurrency’s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum’s price trajectory.

    As of this writing, ETH is currently valued at $2,086, reflecting a negligible 0.2% in the past 24 hours. Nevertheless, the cryptocurrency has managed to maintain most of its gain on the weekly timeframe, having swelled by more than 8% in the last seven days.

    Ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView

    Featured image from Unsplash, chart from TradingView

    Opeyemi Sule

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