Most Bitcoin holders are now underwater, and that changes how every bounce behaves. 📊
FXEmpire reported on 3 November, citing CryptoQuant, that investors holding Bitcoin worth 707 billion dollars are currently sitting on losses, while only 380 billion dollars worth remains in profit, and that active addresses on the Bitcoin network have almost halved from their December 2024 peak. 💥 My reading is that a market where nearly twice as much supply is underwater as in profit has a ceiling on every rally, because each bounce gives trapped buyers a chance to exit at breakeven. That is why Bitcoin keeps stalling near 78,000 dollars instead of running, and why a break of 76,303 would likely accelerate, as underwater holders stop waiting and start selling.
Does the underwater supply cap the next bounce at 78,037, or do fresh buyers absorb it? 🤔
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#Crypto #Bitcoin #FuturesTrading #TradingSignals #OnChainData
FXEmpire reported on 3 November, citing CryptoQuant, that investors holding Bitcoin worth 707 billion dollars are currently sitting on losses, while only 380 billion dollars worth remains in profit, and that active addresses on the Bitcoin network have almost halved from their December 2024 peak. 💥 My reading is that a market where nearly twice as much supply is underwater as in profit has a ceiling on every rally, because each bounce gives trapped buyers a chance to exit at breakeven. That is why Bitcoin keeps stalling near 78,000 dollars instead of running, and why a break of 76,303 would likely accelerate, as underwater holders stop waiting and start selling.
Does the underwater supply cap the next bounce at 78,037, or do fresh buyers absorb it? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #OnChainData
