“Glassnode Data Shows Profit-Taking Pressure Intensifying As Dormant Coins Move and Etfs Enable Capital Rotation.”, – WRITE: www.coindesk.com
This Underscores Elegated Sell-Side Pressure and, WHEN Combined with Other Signals, Suggests The Market Has Entered the Late Phase of the Cycle. ”
Since The Start of 2024, Lths (Defined As Investors Who Have Held Bitcoin for at Least 155 Days) have realized 3.27 Million BTC in Profits. This Figure Has Now Surpassed The 2021 Bull Run (Just Over 3 Million BTC) and Is Far Ahead of the 2013 Cycle. However, It Still Trails the 2017 Bull Run, WHEN REALized PROFITS REACHED 3.93 MILLION BTC.
For Context, Bitcoin’s AVERAGE PRICE WAS AROUND $ 1,000 in 2015, Compared with Today’s Levels Which Are Roomhly 100 Times Higher. This Highlights That Market Has Absorbed A Significantly Larger Dollar Value of Realized Profits. The Sell-Side Supply Has Been Enormous, with Ongoing Rotation of Capital, Including from Long-Dormontant “OG” Coins.
Recent Market Activity Illustrates this Dynamic: Approximately 80,000 BTC Was Listed for Sale at Galaxy, While Another 26,000 BTC Recently Became Active.
Altogether, About 100,000 BTC Has Come Up for Sale and the Market Has Seen A Slight Correction, Which Shows Hows Howid the Market Has Become. Exchange-Traded Funds (ETFS) HAVE PLAYED A ROLE IN FABILITATING THIS RATION, While Trading Volumes Have Also Expanded Broadly Across The Market.
In addition to his professional endeavors, James Serves as an Advisor to Coinsilium, A UK Publicly Traded Company, WHERE HE PROVides Guidance on Their Bitcoin Treasury Strategy. He Also Holds Investments in Bitcoin and Strategy (MSTR).
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Open Interest on Hyperliquid’s XPL Market Plunged from $ 160 Million to $ 30 Million in Minutes as a Trader-TragGerred Price Spike Caused Massed Masses Auto-Deleveraging.
- More than 80% of XPL Open Interest Vanisshed Overnight As the Token’s Price Surged Over 200% in Two Minutes, Wiping Out Traders Across Hyperliquid.
- A large whale long trigerred casading liquidations, Pocketing $ 16 Million in Profits While Still Holding A $ 10 Million Exposure; Another Trader Netted $ 25 Million.
- Losses Were Widespread Among Smaller Traders, Some Claiming to Be “Hedged” with Minimal Leverage, Just Days Before Plasma’s Xpl Token Official Launches.
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