CandleFocus Bitcoin Short-Term Holders Feeling the Stress As Correction Brings Positions Underwater: Glassnode
2024-09-09
Author: Content Editor
Crypto analytics firm Glassnode has reported that short-term holders (STHs) of Bitcoin are currently "heavily underwater" in their positions, meaning they are at risk of selling off their holdings and creating selling pressure on the market. This could lead to heightened volatility in the near future. According to Glassnode's market value to realized value (MVRV) ratio, there is an expectation for further market weakness until the spot price of Bitcoin reaches the short-term holders' cost basis of $62,400. As of now, Bitcoin is trading at $55,501, seeing a 2% increase for the day.
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