Bitcoin may be testing the bottom now, but to determine whether it is on the “ultimate floor,” the pain needs to be endured for a longer duration, according to a new report from Glassnode.
Bitcoin wealth is being distributed from weak hands to strong hands due to ongoing capitulation from retail investors and miners, signaling that the bottom may be close.from blockchain analysis firm Glassnode on July 11 explains that market capitulations have been ongoing for about a month and that several other signals suggest bottom formations in Bitcoin prices.
However, Glassnode analysts wrote that the bear market “still requires an element of duration” as Long-Term Holders , who tend to have greater confidence in Bitcoin as a technology, increasingly bear the greatest unrealized losses. “For a bear market to reach an ultimate floor, the share of coins held at a loss should transfer primarily to those who are the least sensitive to price, and with the highest conviction.”
They added that the market may need further “downside risk to fully test investor resolve, and enable the market to establish a resilient bottom.”Glassnode made this assessment based on the observation that in previous bear markets in 2015 and 2018, LTH held over 34% of theCurrently, Short-Term Holders are holding 16.2% of the coins in loss, while LTH are holding 28.5%. Coins are moving to new STH who aim to speculate on price but have less conviction about the asset, it added.
acknowledging that Delphi Digital also believes that more time is required under current market conditions to call this the bottom.
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