📊 The 2023-2024 uptrend seems remarkably similar to the 2015-2017 bull market, #Glassnode analysts said in a new report.
Back then, derivative products were not widely available in the market, and the current picture resembles the "spot rally" of those times.
This can explain the minor corrections, each of which, to some extent, increases market stability and reduces volatility. According to experts, long-term investors have reduced sales and are re-accumulating the cryptocurrency on the balance sheet in anticipation of a new upward momentum.
"Given organic sales by miners of ~$32 million per day post-halving, purchases by US #ETF s alone are eight times the figure. This underscores the scale of the funds' exposure."
There is a downside to the broad institutionalization of crypto - growth is also becoming more moderate, the analysts concluded.
