Bitcoin Approaches Critical Market Juncture, Glassnode Warns
- Glassnode highlights Bitcoin’s short-term holder (STH) cost basis as a key market indicator.
- Bitcoin is trading at $94,425, approximately 7% above the STH cost basis of $88,135.
- Long-term holders (LTHs) are distributing Bitcoin rapidly but remain mostly profitable.
- The rate of LTH distribution has peaked, similar to previous market cycles.
- LTH supply in loss is at 0%, indicating no significant losses among long-term investors.
Glassnode reports that Bitcoin’s current price is slightly above the short-term holder cost basis, a metric crucial for assessing new investor sentiment. Despite rapid distribution by long-term holders, most remain profitable with no significant losses reported.
