Glassnode emphasized that the rollback of Bitcoin value by 26% from the historical maximum transferred 2.9 million out of 3.2 million BTC to “unprofitable” status. Analysts noted that the current Bitcoin cycle is one of the worst, despite the asset reaching its maximum price in March.
Experts explain that the local bottom of the rate often coincides with the moment when the “unprofitable” amount of cryptocurrency at the disposal of speculators reaches 2 million BTC.
According to calculations by Glassnode analysts, speculators have been holding more than 2 million “unprofitable” bitcoins over the past month. However, according to Glassnode, despite the significant correction in the price of the first cryptocurrency, the structure of the crypto market is strengthening, and the volatility of virtual coins is decreasing as they continue to be accepted as a reliable asset class.
Earlier, Glassnode analysts urged market participants to be cautious as on-chain indicators show that Bitcoin is going through a phase of significant consolidation and correction.
