Glassnode: BTC’s share of supply in profit plunges to 38%; leverage flushed out, with short liquidations clustered above $87,000
The share of supply in profit fell from 97.5% to 38%—a thorough shakeout.
On-chain data from Glassnode shows that the share of short-term holder supply in profit plunged from 97.5% in early October to around 38%, while the share of altcoin tokens in profit fell from 80% to 12%. The price retested the True Market Mean at $77,700 and the short-term holder cost basis around $75,700. Long leverage has largely been flushed out, while short liquidation positions are clustered around $87,000.
Average daily spot trading volume is about $24 billion, 1.5 times the baseline before the August breakout. However, U.S. spot ETFs have seen nearly $1 billion in net outflows over the past two weeks, while fresh over-the-counter capital remains on the sidelines.
Scenario 1: If price breaks through the $87,000 liquidation band on strong volume and holds above it, short covering could steepen the rally. Scenario 2: If price rises without volume, it is more likely to return to range-bound trading, with the $73,000–$76,000 zone serving as the key support area.
Which matters more to you: a high-volume breakout above $87,000, or first seeing how well the market holds around $75,700?
Source: Odaily Planet Daily
Image 1: Glassnode: BTC’s share of supply in profit plunges to 38%; leverage flushed out, with short liquidations clustered above $87,000 · Image accompanying the source report
Image source: https://www.odaily.news/zh-CN/post/5213771
The share of supply in profit fell from 97.5% to 38%—a thorough shakeout.
On-chain data from Glassnode shows that the share of short-term holder supply in profit plunged from 97.5% in early October to around 38%, while the share of altcoin tokens in profit fell from 80% to 12%. The price retested the True Market Mean at $77,700 and the short-term holder cost basis around $75,700. Long leverage has largely been flushed out, while short liquidation positions are clustered around $87,000.
Average daily spot trading volume is about $24 billion, 1.5 times the baseline before the August breakout. However, U.S. spot ETFs have seen nearly $1 billion in net outflows over the past two weeks, while fresh over-the-counter capital remains on the sidelines.
Scenario 1: If price breaks through the $87,000 liquidation band on strong volume and holds above it, short covering could steepen the rally. Scenario 2: If price rises without volume, it is more likely to return to range-bound trading, with the $73,000–$76,000 zone serving as the key support area.
Which matters more to you: a high-volume breakout above $87,000, or first seeing how well the market holds around $75,700?
Source: Odaily Planet Daily
Image 1: Glassnode: BTC’s share of supply in profit plunges to 38%; leverage flushed out, with short liquidations clustered above $87,000 · Image accompanying the source report
Image source: https://www.odaily.news/zh-CN/post/5213771
