André Dragosch from Bitwise has highlighted a worrying trend in Bitcoin spot exchanges, reporting a decline in net buying volumes over the past three days.
Notably, there has been a substantial rise in long-term liquidations of Bitcoin, reaching levels not seen since early August when prices were lower, indicating that short-term sellers might be losing momentum.
Dragosch mentioned that many short-term wallets have sold Bitcoin at a loss, more than during previous lows in August. Market sentiment has shifted from bullish to neutral, as reflected in the Bitwise Cryptoasset Sentiment Index.
Analysis from Glassnode reveals a shift in Bitcoin supply dynamics, with illiquid Bitcoin supply hitting a record high while both highly liquid and illiquid supplies have dropped to yearly lows. This change suggests that more Bitcoin is being held long-term.
Furthermore, Bitwise Research Analyst Ayush Tripathi noted that the supply of Bitcoin owned by long-term holders—those who have kept their assets for at least 155 days—has grown since early October. This suggests that confidence in Bitcoin as a long-term investment remains strong, even as short-term demand weakens.
Robert Kiyosaki, the author of Rich Dad Poor Dad, is determined to acquire 100 Bitcoin by 2025.
Crypto analytics firm Alphractal has identified a pivotal phase for Bitcoin, pointing to its approach toward historically significant levels that have often marked major market shifts.
Bitcoin (BTC) crossed the $79,000 mark for the first time during this weekend’s rally, leading to $386 million in liquidated trades.
Bitcoin’s recent climb to a new all-time high has sparked significant profits across the market, with both retail and institutional investors reaping the benefits.