Bitcoin (BTC) Short-Term Holders' Supply Plunges to Cycle Low, Glassnode Says

"Very boring market may remain on the road ahead"

In general, investors are unwilling to move their money on-chain at this stage in the market. However, we cannot say that the whole picture is dark. The realized market capitalization of Bitcoin has been increasing since January 2023, and capital has slowly entered the network. Glassnode experts are not surprised at all: Bitcoin's performance just going through a"bearish market hangover" as it did in previous cycles. As such, we should not expect turbulence in the coming weeks:

The Realized Cap is climbing, but only very slightly, suggesting a very boring, choppy, sideways market may remain on the road ahead. Also, Glassnode experts recalled that the vast majority of holders are underwater at current prices, which makes a volatility drop even more sensitive for market participants.

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