Glassnode Report Reveals Why The Bitcoin Price Dropped Below $50,000

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Glassnode Report Reveals Why The Bitcoin Price Dropped Below $50,000 - NewsBTC

Quick Summary:

This trend has particularly been evident in the latest Bitcoin price correction/consolidation, which has lasted far longer than many investors expected. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price According to Glassnode’s most recent on-chain report, a key metric known as the STH-MVRV (Market Value to Realized Value) ratio has fallen below the critical equilibrium value of 1.0. When the STH-MVRV ratio dips below 1.0, it suggests that, on average, new investors are holding their Bitcoin at a loss rather than a profit.

Although Bitcoin has since recovered by 20% and now finds itself trading around just below $60,000, many short-term holders are still sitting in unrealized losses. A recent report from Glassnode, a leading blockchain analysis firm, sheds light on the factors contributing to this abrupt market downturn.

This follows the claim that many short-term holders have been overreacting to the price corrections. While short-term holders have carried most of the losses across the recent downturn, long-term holders remain strong.