{"id":627665,"date":"2024-07-04T02:00:54","date_gmt":"2024-07-04T02:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=627665"},"modified":"2024-07-03T16:07:13","modified_gmt":"2024-07-03T16:07:13","slug":"bitcoin-is-up-2x-but-speculators-are-underwater-will-the-sell-off-continue","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-is-up-2x-but-speculators-are-underwater-will-the-sell-off-continue\/","title":{"rendered":"Bitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?"},"content":{"rendered":"

Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high.<\/span><\/p>\n

Glassnode: STHs Are In Red<\/span><\/h2>\n

As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates.<\/span><\/p>\n

Related Reading: FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead?<\/a><\/div>\n

In a post on X, Glassnode, a blockchain analytics firm, <\/span>highlighted<\/span><\/a> how BTC finds itself in a unique situation. <\/span><\/p>\n

\"Bitcoin
Bitcoin short-term holders are in red | Source: @glassnode via X<\/figcaption><\/figure>\n

 <\/p>\n

While Bitcoin is in green, rallying by over 100% over the last year, data shows that many short-term holders (STHs), primarily traders and speculators, are underwater. STHs are entities or addresses that bought their coins in the last 155 days or before the end of 2023.<\/span><\/p>\n

During this time, not only did prices soar to an all-time high, meaning all coins were in circulation by mid-March 2024, but speculators were raving, expecting prices to continue soaring. However, this didn’t come to pass because no sooner had BTC breached $70,000, rising to $73,800, prices fell sharply. <\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

By mid-May, BTC cratered to $56,800 before briefly bouncing to around $71,500. <\/span>The failure of bulls to break $72,000, a level <\/span>closely<\/span> monitored by traders, means sellers have the upper hand at press time.<\/span><\/p>\n

Glassnode’s assessment suggests that though STHs are feeling the pressure, only those who bought and HODL over the last year are in the money. With a 2X surge over the previous 12 months, BTC is technically in an uptrend, aligning with gains from the second half of 2023. <\/span><\/p>\n

HODLers Are In The Money: Why Are BTC Whales Selling?<\/span><\/h2>\n

Other parallel data <\/span>shows<\/span><\/a> that long-term holders (LTHs), especially those who bought in the last five to seven years, enjoy a realized price of less than $7,300. This means that regardless of the current volatility, these HODLers are in the money and can wait for the current shake-out to end. <\/span><\/p>\n

Related Reading: Avalanche On The Verge: Will AVAX Break Out And Reach $65?<\/a><\/div>\n

Amid this state of affairs, Lookonchain data <\/span>shows<\/span><\/a> that Bitcoin whales have been moving coins to Binance. Often, transfers to centralized exchanges are considered bearish. Therefore, the more coins sent, the more bearish the sentiment and the net negative it is on prices.<\/span><\/p>\n

\"BTC
BTC whales are unloading | Source: @lookonchain via X<\/figcaption><\/figure>\n

As of July 3, the analytics platform noted that one whale sent 1,023 BTC, worth roughly $62 million, to Binance. Earlier, another whale transferred 1,723 BTC, worth over $106 million, to the world’s largest crypto exchange. <\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high. Glassnode: STHs Are In Red As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates. Related Reading: FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead? In a post on X, Glassnode, a blockchain analytics firm, highlighted how BTC finds itself in a unique situation.   While Bitcoin is in green, rallying by over 100% over the last year, data shows that many short-term holders (STHs), primarily traders and speculators, are underwater. STHs are entities or addresses that bought their coins in the last 155 days or before the end of 2023. During this time, not only did prices soar to an all-time high, meaning all coins were in circulation by mid-March 2024, but speculators were raving, expecting prices to continue soaring. However, this didn’t come to pass because no sooner had BTC breached $70,000, rising to $73,800, prices fell sharply. By mid-May, BTC cratered to $56,800 before briefly bouncing to around $71,500. The failure of bulls to break $72,000, a level closely monitored by traders, means sellers have the upper hand at press time. Glassnode’s assessment suggests that though STHs are feeling the pressure, only those who bought and HODL over the last year are in the money. With a 2X surge over the previous 12 months, BTC is technically in an uptrend, aligning with gains from the second half of 2023. HODLers Are In The Money: Why Are BTC Whales Selling? Other parallel data shows that long-term holders (LTHs), especially those who bought in the last five to seven years, enjoy a realized price of less than $7,300. This means that regardless of the current volatility, these HODLers are in the money and can wait for the current shake-out to end. Related Reading: Avalanche On The Verge: Will AVAX Break Out And Reach $65? Amid this state of affairs, Lookonchain data shows that Bitcoin whales have been moving coins to Binance. Often, transfers to centralized exchanges are considered bearish. Therefore, the more coins sent, the more bearish the sentiment and the net negative it is on prices. As of July 3, the analytics platform noted that one whale sent 1,023 BTC, worth roughly $62 million, to Binance. Earlier, another whale transferred 1,723 BTC, worth over $106 million, to the world’s largest crypto exchange. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":625874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,86532,679,87789,768,19064,1119,78790],"class_list":["post-627665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-lths","tag-bitcoin-price","tag-bitcoin-sths","tag-bitcoin-trading","tag-bitcoin-whales","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?<\/title>\n<meta name=\"description\" content=\"Bitcoin is trending lower, per the formation in the daily chart. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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