Analytics Firm Glassnode Issues Warning to Bitcoin Traders, Says Underwater BTC Positions Could Ignite Sell-Offs

Analytics Firm Glassnode Issues Warning to Bitcoin Traders, Says Underwater BTC Positions Could Ignite Sell-Offs


A significant portion of Bitcoin’s supply was sold at a higher price than BTC is currently trading, which could be a bearish indicator for the largest digital asset according to the crypto analytics firm Glassnode.

Bitcoin is trading at $57,377.69 at time of writing and is down about 4.5% from where it was priced a week ago. BTC is also down nearly 17% from its all-time high of $69,044.77, which it reached about two weeks ago.

Glassnode notes that 15% of the Bitcoin supply has an on-chain cost basis greater than $57,000, which the firm argues is a potentially bearish indicator.

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“15% of supply underwater has historically been sufficient to create reflexive downside if price cannot reclaim higher levels in a reasonable timeframe.”

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