📢Odaily Planet Daily broke the news! According to Glassnode analysis, Bitcoin has been in a sideways state since it hit an all-time high of $73,794 in March this year. By early May, demand momentum had turned negative, and a bearish trend may emerge. 😱
The cost basis analysis of short-term holders (STH) shows that there was a large amount of capital outflow during this period. However, the role of long-term holders (LTH) in the market cannot be ignored. 👀 Although LTH's daily on-chain transaction volume only accounts for 4%-8%, its cumulative profit accounted for as much as 30%-40% during the bull market. This highlights that wealth is concentrated in Bitcoin with a longer coin age and gradually returns to diamond hands over time. 💎
In addition, the data shows that the current market structure (spot price is below the cost basis level) may lead to a deterioration in investor confidence. Glassnode's analysis also examined the behavior of LTH in different market stages. During the bull market excitement stage, the frequency of LTH high spending days increased, which highlights the relatively consistent behavior pattern of long-term investors to profit during the rapid price appreciation. 📈
Let's wait and see what the future holds for Bitcoin! 🚀