What caught my attention wasn't that $BTC reclaimed $65K again...
It was what holders were doing while price was going up, cause I expected confidence to return!
Instead, I found both sides of the market selling into the exact same bounce 🚨
Long term holders are realizing losses at levels not seen since late 2022, while recent dip buyers are taking profits at volumes similar to May's peak.
Then I also looked at LTH-SOPR, and it made even more sense.
The 30-day average sits at 0.88, and since anything below 1 means long term holders are selling below their cost basis, this rally looks like it's being met with stress, not conviction...
⇢ Which explains why analysts are also split!
Galaxy believes long term holder capitulation suggests selling pressure is nearly exhausted
While CryptoQuant argues the real bottom won't come until short term holders capitulate too
Personally, the real question isn't whether $BTC bounced but more about who's using the bounce to leave!
Hopefully we'll get more clarity as the market continues its push toward $120K 🫵
It was what holders were doing while price was going up, cause I expected confidence to return!
Instead, I found both sides of the market selling into the exact same bounce 🚨
Long term holders are realizing losses at levels not seen since late 2022, while recent dip buyers are taking profits at volumes similar to May's peak.
Then I also looked at LTH-SOPR, and it made even more sense.
The 30-day average sits at 0.88, and since anything below 1 means long term holders are selling below their cost basis, this rally looks like it's being met with stress, not conviction...
⇢ Which explains why analysts are also split!
Galaxy believes long term holder capitulation suggests selling pressure is nearly exhausted
While CryptoQuant argues the real bottom won't come until short term holders capitulate too
Personally, the real question isn't whether $BTC bounced but more about who's using the bounce to leave!
Hopefully we'll get more clarity as the market continues its push toward $120K 🫵