{"id":24155,"date":"2024-11-28T07:00:16","date_gmt":"2024-11-28T07:00:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=24155"},"modified":"2024-11-28T07:00:16","modified_gmt":"2024-11-28T07:00:16","slug":"bitcoin-sell-side-pressure-dominated-by-new-holders-research-shows","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=24155","title":{"rendered":"Bitcoin Sell-Side Pressure Dominated By New Holders, Research Shows"},"content":{"rendered":"

Bitcoin (BTC) remains resilient, trading close to the $100,000 mark despite a recent correction that led to over $500 million in liquidations, predominantly from long positions. A recent report<\/a> by Glassnode analyzes the cohorts driving the sell-side pressure during this ongoing bull run.<\/p>\n

Majority Of Sell-Side Pressure Coming From New Market Entrants<\/h2>\n

According to Glassnode\u2019s report titled \u201cThe Week Onchain,\u201d\u00a0while some long-term Bitcoin holders realize substantial profits \u2013 amounting to over $2 billion in a single day \u2013 not all<\/a> are willing to part with their holdings.<\/p>\n

The report highlights that the Long-Term Holder (LTH) cohort is capitalizing on the inflow of liquidity and strong demand to sell BTC near all-time high (ATH) price levels. Glassnode notes:<\/p>\n

Since the peak in LTH supply set in September, this cohort has now distributed a non-trivial 507k BTC. This is a sizeable volume; however, it is smaller in scale relative to the 934k BTC spent during the rally into the March 2024 ATH.<\/p>\n

The report breaks the LTH cohort into sub-cohorts based on realized profit metrics to understand the sell-side dynamics better. It reveals that holders who acquired BTC 6 months to 1 year ago contribute the most to sell-side pressure, realizing $12.6 billion in profits, accounting for 35.3% of all realized gains.<\/p>\n

Other sub-cohorts have realized comparatively smaller profits, including $7.2 billion by those holding BTC for 1 to 2 years, $4.8 billion by those with 2 to 3 years of holdings, $6.3 billion by 3 to 5-year holders, and $4.8 billion by investors holding for more than 5 years. The report adds:<\/p>\n

The dominance of coins aged 6m-1y highlights that the majority of spending has originated from coins acquired relatively recently, highlighting that more tenured investors are remaining measured and potentially waiting patiently for higher prices.<\/p>\n

This pattern suggests that heightened profit-taking among holders in the 6-month to 1-year range indicates the cohort is dominated by newer investors, many of whom likely entered the market following the launch of Bitcoin exchange-traded funds (ETF). Their strategy appears to involve short-term gains, riding the wave of the current market surge.<\/p>\n

Bitcoin Adoption Continues To Grow Around The Globe<\/h2>\n

While the recent price pullback may have cautioned some investors, others opine<\/a> that it was a healthy correction that gives the leading cryptocurrency some time for consolidation before the next leg up.<\/p>\n

Bitcoin\u2019s unprecedented price has created a shared urgency among corporations and nations worldwide. Following MicroStrategy\u2019s tactics<\/a>, Canadian company Rumble recently announced<\/a> it would use a portion of excess cash reserves to buy BTC.<\/p>\n

Most recently, CEO of Marathon Digital Holdings, Fred Thiel, said<\/a> institutional interest in BTC has increased significantly since Donald Trump\u2019s victory in the 2024 elections. BTC trades at $95,462 at press time, up 2% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) remains resilient, trading close to the $100,000 mark despite a recent correction that led to over $500 million in liquidations, predominantly from long positions. A recent report by Glassnode analyzes the cohorts driving the sell-side pressure during this ongoing bull run. Majority Of Sell-Side Pressure Coming From New Market Entrants According to Glassnode\u2019s […]<\/p>\n","protected":false},"author":0,"featured_media":24156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24155"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24155"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/24156"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}