In recent months, Long-Term Holders (LTH) have been consistently locking in around $138 million in daily profits despite turbulent market conditions.
This steady flow of profits underscores the ongoing supply and demand dynamics, where each transaction involves a buyer and a seller, with price adjustments balancing these forces.
This $138 million daily sell-side pressure from LTHs suggests a significant amount of capital is required each day to absorb this supply and keep prices stable.
Amidst tumultuous market conditions as of late, Long-Term Holders have been locking in a reasonably consistent $138M in profit per day. With each transaction, a buyer and a seller are matched, with supply and demand imbalances resolved via price changes.
Therefore, we can infer… pic.twitter.com/tSAXvF9Rc1
— glassnode (@glassnode) August 23, 2024
Although market conditions have been volatile, Bitcoin prices have remained relatively flat over the past few months, indicating a potential equilibrium is forming.
Bitcoin’s demand growth has slowed markedly and recently turned negative. Since early April, when apparent demand was nearing $70,000, there has been a noticeable decline.
Bitcoin demand growth remains low and has recently turned negative.
Bitcoin Apparent demand has slowed significantly since early April when it was near $70K.
Read more 👇https://t.co/bnIGaya95c pic.twitter.com/gFyM4rAfoC
— CryptoQuant.com (@cryptoquant_com) August 23, 2024
The Bitcoin bull-bear market indicator has been shifting between bearish and bullish signals, but it has recently transitioned back to a bullish stance.
Since early August, the #Bitcoin bull-bear market indicator has been oscillating between bearish and bullish. Now, it has switched back to bullish again! pic.twitter.com/HxDcuQuxFe
— Ali (@ali_charts) August 23, 2024
63.34% Of Top Binance BTC Accounts Are Now Holding Long Position In Bitcoin
Current data shows that 63.34% of top trader accounts on Binance are holding long positions in Bitcoin. If Bitcoin can sustain its support level at $60,365, key resistance levels to watch are $64,045 and $66,250.
If #Bitcoin can maintain support at $60,365, the next key resistance levels to watch are $64,045 and $66,250! pic.twitter.com/lgBJa8NrgZ
— Ali (@ali_charts) August 23, 2024
On August 22, Bitcoin spot ETFs experienced a total net inflow of $64.91 million, continuing a streak of six consecutive days of positive inflows. Specifically, the Grayscale ETF (GBTC) saw an outflow of $28.36 million, while the BlackRock ETF (IBIT) had an inflow of $75.49 million, and the Fidelity ETF (FBTC) gained $9.23 million. The total net asset value of Bitcoin spot ETFs now stands at $55.13 billion.
Bitcoin spot ETFs had a total net inflow of $64.9072 million on August 22, continuing a net inflow for 6 consecutive days. Grayscale ETF GBTC had an outflow of $28.362 million, BlackRock ETF IBIT had an inflow of $75.4907 million, and Fidelity ETF FBTC had an inflow of $9.2252…
— Wu Blockchain (@WuBlockchain) August 23, 2024
As the market adapts to these mixed signals, the steady profit-taking by LTHs and the fluctuating ETF flows highlight the ongoing adjustments within the Bitcoin ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: 3dgraphi/123RF // Image Effects by Colorcinch
