The tape shows almost no supply coming on-chain, even as Bitcoin sits under key EMAs.
Glassnode's sell-side risk ratio just hit 7, one of its lowest readings on record and less than half its August level. At the same time, long-term holders' share of realized profit has collapsed from 88% at the peak to 47% now.
The sellers look exhausted. We're seeing textbook accumulation signals while the price action itself looks weak, with an RSI of 39 and price below the EMA50. The desk's view is that the on-chain data is telling the real story, and the weak chart is the head fake.
Bullish on-chain data, red candle — which one is lying?
$BTC #Bitcoin
Follow for the next read — posted the moment the tape moves.
Glassnode's sell-side risk ratio just hit 7, one of its lowest readings on record and less than half its August level. At the same time, long-term holders' share of realized profit has collapsed from 88% at the peak to 47% now.
The sellers look exhausted. We're seeing textbook accumulation signals while the price action itself looks weak, with an RSI of 39 and price below the EMA50. The desk's view is that the on-chain data is telling the real story, and the weak chart is the head fake.
Bullish on-chain data, red candle — which one is lying?
$BTC #Bitcoin
Follow for the next read — posted the moment the tape moves.
