Sellers ran out of steam first
Buyers still haven't returned
According to CryptoQuant
Bitcoin’s “seller exhaustion” model
has fallen to near its lowest level since this bear market began
The model uses
the ratio of supply in profit
compared with the monthly average volatility
to assess whether sellers still have enough coins to keep pushing prices down
After spot prices pulled back more than 10% from their highs
most short-term holders looking to take profits had already sold
and selling pressure weakened noticeably
But the analysis also made one thing clear:
weaker selling pressure doesn’t mean an immediate rebound
The core issue is insufficient new demand
Until buying capital returns at scale
upside remains limited
At this point, the biggest risk is
to mistake “sellers can’t push it lower” for “a huge rally is coming”
A more measured interpretation is that
downward momentum is fading
but a trend reversal will take real money coming into the market
$BTC $ETH
#卖方耗竭 #Bitcoin链上 #CryptoQuant
Buyers still haven't returned
According to CryptoQuant
Bitcoin’s “seller exhaustion” model
has fallen to near its lowest level since this bear market began
The model uses
the ratio of supply in profit
compared with the monthly average volatility
to assess whether sellers still have enough coins to keep pushing prices down
After spot prices pulled back more than 10% from their highs
most short-term holders looking to take profits had already sold
and selling pressure weakened noticeably
But the analysis also made one thing clear:
weaker selling pressure doesn’t mean an immediate rebound
The core issue is insufficient new demand
Until buying capital returns at scale
upside remains limited
At this point, the biggest risk is
to mistake “sellers can’t push it lower” for “a huge rally is coming”
A more measured interpretation is that
downward momentum is fading
but a trend reversal will take real money coming into the market
$BTC $ETH
#卖方耗竭 #Bitcoin链上 #CryptoQuant