Glassnode Issues Warning About Bitcoin: “Signal That Previously Caused a Drop May Have Arrived”

On-chain analytics platform Glassnode reported that increased selling from long-dormant Bitcoin wallets in recent weeks has created a significant resistance limiting price ￰0￱ to the company's social media post, approximately 62,000 BTC have been moved from long-dormant wallets since ￰1￱ noted that this has increased the supply in the market, making it harder for prices to rise: The dormant supply of Bitcoin has begun to ￰2￱ strong new demand, any upward movement in prices will encounter further ￰3￱ supply was seen as the primary driver of price increases in the current cycle. However, a reversal in this trend risks weakening market ￰4￱ to Glassnode, a similar supply reversal occurred in January 2024, resulting in a massive outflow of 400,000 BTC, causing a loss of ￰5￱ the current shift is more subtle, the trend is ￰6￱ News: JPMorgan Releases First Market Value Estimate for Coinbase's Own Altcoin "Base" Meanwhile, whale wallets continue to increase their Bitcoin holdings during this ￰7￱ whale wallets have seen a steady increase over the past 30 days, no major sell-off has been seen since October ￰8￱ contrast, wallets holding between 0.1 and 10 BTC (approximately $10,000-$1 million) have been net sellers for the past ￰9￱ investors have withdrawn from the market, and buyback funds haven't generated enough demand to counter the selling ￰10￱ argued that this supply-demand imbalance will continue to suppress prices if new buyers do not enter the market. *This is not investment ￰11￱ Reading: Glassnode Issues Warning About Bitcoin: “Signal That Previously Caused a Drop May Have Arrived”