BlockBeats News, February 7 — Glassnode released a report on social media stating that around Halloween last year, on-chain investor behavior had already signaled a potential shift into a bear market. Within approximately 100 days thereafter, prices experienced a decline of about 45% (from $110,000 to $60,000).
“Long-term Holder Profit Taking Pressure” data shows that since November 1, long-term holders have realized an additional profit of approximately 318,000 BTC. This unusually large-scale sell-off in a weak market continues to exert downward pressure on prices. However, since early December, the amount of coins held by long-term holders has begun to increase, indicating that their selling activity has slowed.
“Market Loss Level” data indicates that at the $60,000 price level, the ratio has reached about 24%, significantly above the threshold for market transition from bull to bear. This suggests the market has entered a deep bear phase but has not yet reached the extreme panic sell-off stage of over 50%, implying that the market is currently in the process of bursting a bubble.
Additionally, since reaching the previous high in October, the price has consistently failed to stay above the cost basis of the top 1%, 5%, 10%, and 20% large holders. At the $60,000 level, the price is about 37% below the cost basis of the top 20% holdings (approximately $95,000), indicating that high-position buyers are under severe psychological pressure, similar to the market structure in May 2022.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC Markets targets 16 trillion RWA Bitcoin, applies for Australian tokenized market license
Australian cryptocurrency exchange BTC Markets is applying for a market license to offer regulated tokenized real-world asset (RWA) trading. The exchange aims to transform into a tokenized market operator and predicts that the global tokenization market could reach $16 trillion by 2030. Dobbins pointed out that Australia could generate approximately $16.8 billion in economic benefits annually through the tokenization market and plans to promote tokenization applications in private markets and infrastructure investments.
MarketWhisper18m ago
Analyst Warning: If Bitcoin enters a cyclical correction, XRP price may drop to $0.70
Cryptocurrency market fluctuations have attracted attention. Analysts point out that if Bitcoin enters a correction, XRP may face a pullback risk, with a target price of around $0.70. Bitcoin's four-year cycle characteristics indicate that correction periods could impact altcoin performance. If XRP's price falls below the $1.20 support level, the market could see further downside. Meanwhile, XRP's application in cross-border payments may reduce its dependence on Bitcoin. Investors should monitor Bitcoin's cycle changes and technical support levels.
GateNews24m ago
The US-Israel conflict pushes up oil prices, and Bitcoin remains stable due to resistance in the US market
Despite the rise in oil prices to $100 per barrel due to the US-Israel-Iran conflict, Bitcoin remains stable around $67,000, which is related to its close correlation with the US stock market. The US has low dependence on Middle Eastern oil, and the stock market's resilient performance has accordingly supported Bitcoin's price stability.
GateNews35m ago
BTC breaks $68,000, up 1.16% in the last 24 hours
Gate News Report, March 9th, according to Gate market data, the BTC/USDT trading pair is currently quoted at $68,004.1, successfully breaking through the $68,000 threshold, with a 24-hour increase of 1.16%.
GateNews36m ago
