The Btcoin BTC BTC market stopped and how.
Despite the SPOT jump, ETF inflorescences, market restrictions on trainees and positive regulatory developments in the United States, leading cryptocurrency at market value continues to trade without guidance, fluctuating between $ 100,000 and $ 110,000.
It was a record 42 doing days of trading forward and forward over the $ 100,000 brand, and the question is: Who sells BTC and quietly counteracts the flow of ETF against the background of fears of growth in the US fiscal situation?
According to Alexander Bloom, the managing partner of the Second investment adviser Two Prime, BTC is facing a unique crosswind of the participants as it passes from speculative buyers to long -term investors.
“Against the backdrop of recent geopolitical turmoil, it makes sense that speculators and leverage dealers take the risk of the mass. At the same time, new long -term investors buy immersion,” Bloom told Coindesk. “It seems right that we are currently in balance of these groups.”
Blockchain data tracked by Glassnode show that portfolios with coins have less than a year have recently increased their profits. On Monday, these portfolios represent 83% of the total profit. In addition, portfolios, which hold coins for only six to 12 months, contributed $ 904 million to the market pressure, with the second highest annual total.
The sale by short-term owners follows an even more aggressive profit operation by long-term owners in May and the beginning of this month. According to Glassnode, the realized profit from portfolios holding coins for over 12 months reached a $ 1.2 billion peak last week. Last week, this cohort made only $ 324 million in profits.
“Long-term OG investors continue to be sold in the constant demand for ETF, effectively absorbing the influx and maintaining pricing prices in verification. This dynamics have led to compression of volatility, but breakthrough is inevitable,” Marcus Teilen, founder of the 10 studies, said on Thursday, on Thursday.
Miners or those who produce bitcoins also contribute to the pressure of the sale, according to the Intotheblock data source.
The balance kept in the mining portfolios decreased to approximately 1.91 million BTC from 1.94 million at the end of May, indicating that these entities have unloaded approximately 30,000 BTC in 20 days.
“Miners must constantly sell and believe it or not, some long -term owners continue to be sold gradually as they manage their dollars in the US dollar. The key is that it has been sold or bought on a large volume? It is noise and speculative flows to be returned very quickly,” says Philip Behazi.
