Glassnode Reveals New Crypto Data About Long And Short-Term Traders | CryptoGazette
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It’s been just revealed that Glassnode is addressing the state of current long and short-term crypto traders in some new reports. Check out the details below.
The online publication the Daily Hodl notes that the blockchain analytics firm Glassnode is addressing how long-term and short-term Bitcoin (BTC) holders are responding differently to the current weakness in the crypto market.
It’s been reported that based on the realized cap HODL waves metric, which shows how holders of different age brackets of Bitcoin spend their coins, Glassnode made sure to explain that long-term BTC holders are holding on tight to their coins despite the ongoing price correction.
“We’re seeing the equilibrium of coins flowing in and out of exchanges and really short-term holders appear to be the most fearful cohort. Long-term holders are more or less hanging onto their coins and not doing a great deal with them.”
What about the short-term traders?
Glassnode says that while short-term traders are buying coins, they sell them soon after when they see prices moving down.
“People are buying the dip and then it turns out it wasn’t the last dip, so they’re selling again and then someone is buying it. They’re going through this almost oscillation behavior, which you can see in the balance on exchanges.”
The notes continued and said:
“For every coin that goes in, a week later, those coins have come out.”
Glassnode says that young coins moving into old hands is a constructive sign. On the other hand, it’s also important to note the fact that a scenario to watch out for is if the long-term holders start to spend their Bitcoin.
“A more bearish case is if we see [the realized cap HODL waves metric] start to climb again, which shows that old coins are being spent and that means that there’s a loss of conviction in some of those longer-term holders.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green, and the coin is priced above $39k.
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