Ah, the ever-elusive Bitcoin (BTC), that shimmering coin of fate! New revelations from the oracle known as Glassnode suggest that our dear crypto monarch may be tiptoeing towards the shadowy realm of an early bear market. π»
In a recent scroll through the digital ether of X, Glassnode proclaims that the crypto king is flashing signs reminiscent of a prelude to its melancholic descent into bearish oblivion. Who knew a coin could be so dramatic? π
According to the wise sages of crypto analytics, those short-term holders clinging to their unrealized losses are akin to forlorn lovers, reminiscent of the early bear market conditions from Bitcoin’s past romances. π
βBitcoin unrealized losses, normalized by percentage drawdown, reveal that short-term holders are already nursing substantial losses, akin to the early bear market conditions of yore.β
Glassnode further muses that while long-term holders bask in the glow of profit, the winds of market change could soon snuff out their golden light, another ominous sign of the impending bearish phase. πͺοΈ
βOn the other hand, long-term holders (LTH) are still broadly in profit, but as BTC’s top buyers age into LTH status, loss absorption may rise. Historically, this shift often heralded the arrival of a bear market, though no such regime is evident yet.β
Short-term Bitcoin holders are those traders who have clutched their tokens for less than 155 days, while long-term holders are the wise sages who have kept their digital treasures dormant for 155 days or more. π§ββοΈ
According to Glassnode, one particular metric, measuring the directional dominance of value flowing in or out of the network, indicates that our beloved crypto asset is at a crucial crossroads, pondering its market destiny. π€
βMeanwhile, volatility-adjusted net realized profit/loss for BTC has reverted to its long-term median. This historically marks the boundary between bull and bear regimes, placing the market at a critical juncture for determining direction.β
As of this moment, Bitcoin is trading at a modest $84,557, a fractional decrease in the last 24 hours. Just another day in the life of our beloved crypto soap opera! π
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2025-04-19 19:23