Biggest Rally Signal in Bitcoin: Glassnode Says "More is Being Bought than Sold" - Coin Bulletin

Long-term Bitcoin (BTC) investors seized the opportunity of short-term investors' sales, buying 1.38 BTC for every 1 Bitcoin sold, and expressed strong rise expectations.

Since the lows experienced by Bitcoin in January, a remarkable investor behavior has been observed in the markets. According to data provided by the crypto analytics company Glassnode, long-term investors have taken advantage of the recent declines in Bitcoin prices and made a total purchase of 635,340 BTC. Thus, the total amount of BTC held by long-term investors has reached 13,755,722 BTC.

On the other hand, short-term investors sold a total of 460,896 BTC during the same process. This group of investors currently holds a total of 3,516,265 BTC. Particularly, some of the sales that took place in the last few months were made for profit, while others occurred at a loss.

Many of those who invested in November when the Bitcoin price was rising have now transitioned into long-term investors. The BTC price had climbed from 65 thousand dollars to 95 thousand dollars during that period. Despite the 30% drop that occurred from the 109 thousand dollars levels in January, this group of investors continued to strongly maintain their Bitcoin positions.

Currently, although the Bitcoin price has managed to rise above 90 thousand dollars for the first time since March, approximately 2.6 million BTC is still at a loss. This figure, although it indicates a significant drop compared to the previously seen peak level of 5 million BTC, shows that a large portion of investors is still experiencing losses as they bought at prices above 100 thousand dollars.