Bitwise's Andre Dragosz noted a worrying trend on bitcoin spot exchanges, reporting a decline in net buying volumes over the past three days.
It is notable that long-term #bitcoin liquidations have increased significantly, reaching levels not seen since early August, when prices fell, indicating that short-term sellers may be losing momentum.
Dragoch noted that many short-term wallets are selling bitcoin at a loss, more than at previous lows in August, as reflected in the Bitwise Crypto Asset Sentiment Index, where market sentiment has shifted from bullish to neutral.
Glassnode's analysis shows a change in bitcoin supply dynamics: the supply of illiquid bitcoin has reached an all-time high, while the supply of liquid and illiquid bitcoin has reached its lowest since the beginning of the year. This change suggests that more bitcoins are being held for the long-term.
addition, Bitwise analyst Ayush Tripathi noted that the supply of bitcoins owned by long-term holders (those who have held the assets for at least 155 days) has increased since the beginning of October. This suggests that confidence in bitcoin as a long-term investment remains high, even if short-term demand has weakened.
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