The Bitcoin market is in a “relatively balanced position” despite the recent price pullback from all-time highs, Glassnode says.
Bitcoin short-term holders in profit have eased their selling activity as Bitcoin’s price continues to slowly climb above its local low of $112,000, according to onchain analytics platform Glassnode.
Profit-taking among Bitcoin Short-Term Holders (STH) — those holding for less than 155 days — has “cooled off,” Glassnode said in a markets report on Wednesday. The analytics firm explained that Bitcoin (BTC) STH spent volume, which measures the proportion of recent buyers in profit selling their Bitcoin, has dropped to 45%, below the neutral level.
Glassnode said figures suggest the market “is in a relatively balanced position, with 70% of STH supply still held in profit, and an almost even split of profit and loss taking in coins which are on the move.”
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