On April 2, industry analytics provider Glassnode reported that long-term holders have started distributing BTC and selling to new investors at higher prices.
However, the analysis was made as Bitcoin approached its all-time high for the second time and before markets began to retreat this week. BTC hit a peak price of $73,734 on March 14, pulled back around 17%, and returned to $71,550 on March 28 before resistance proved to be too strong.just below $65,000 during the Wednesday morning Asian trading session, dropping to $64,573 before recovering to $66,300 at the time of writing, according to CoinGecko. BTC is currently 10% down from its ATH.
Using the Realized Cap HODL Wave metric, Glassnode analyzed the distribution of USD-denominated wealth held across various age bands. The realized cap is climbing “because old coins are revalued higher, both from GBTC and the rest by HODLers selling,” said Glassnode analyst ‘Checkmatey.’that the belief that Bitcoin is in a bull market may not have “fizzled out significantly,” according to social sentiment.Total market cap is down 3% on the day to $2.65 trillion, which is around 15% lower than its all-time high, which is still back in November 2021.
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