This data has not changed much compared to expectations. Yesterday, we talked about the four support positions of BTC in this cycle, and now, 24 hours later, these support levels have not changed significantly. Especially the first three support levels, there is no obvious reduction in holdings. Even if the price of BTC rebounds to $62,000, those profitable investors have not taken any action.
Such a conclusion is not surprising to me. In fact, in the past month or so, BTC's on-chain movement has always been in this "low liquidity" mode. This also shows that for those earlier investors, the current price has no motivation to participate in turnover, even when the price falls to $56,000.
The investors who have made the most turnover are mainly those who have bought the bottom in the past two days. More than 60% of the liquidity is provided by short-term profit-makers with a holding cost between $56,000 and $60,000, while the turnover provided by investors with a holding cost of more than $62,000 accounts for 30% of the total liquidity, that is, less than 10% of the turnover is provided by earlier investors.
This situation is very clear. Those earlier investors, whether they are profitable or losing, rarely participate in the turnover. In yesterday's tweet, we also analyzed this issue. This time the price fell to $56,000. Of course, there are liquidity problems, and some investors sold out due to panic, but in fact, the investors with the largest holdings did not panic. Among them, at the highest holding of $66,200, the holding of #BTC still exceeds 421,000.
This may also be the reason why BTC can return to $62,000 in the short term. Indeed, the selling pressure is not very high. In the case that the Federal Reserve may increase expectations of rate cuts, even if liquidity has not increased, sentiment has driven the recovery of BTC prices.
Judging from the current stock of exchanges, the BTC accumulated in exchanges has begun to increase in the past week. In the past week, BTC has not refreshed the lowest data in the past six years. The current BTC stock in the overall exchange is 18,000 BTC higher than the lowest value, which means that the current purchasing power is still not strong enough, and many investors are looking for better exit opportunities.
