According to Glassnode analysts, the perception of the current wave of Bitcoin growth as a bull trap or an opportunity for strategic buying will predetermine the mood of long-term investors.
The company analysts have come to the conclusion that the wave of growth in BTC from the lows of December has brought a significant part of the supply of coins into profit, which has created incentives for speculators and miners to close their positions.
Over the past two weeks, the share of “profitable” coins in the total supply has jumped at a record pace compared to previous bearish phases, from 55% to 67%. According to the analysts, this is due to a significant number of Bitcoins that have changed hands at prices below $23,300.
The return of metric values to the corridor of 55-80% is associated with reaching the bottom and transition to a balanced state.