- Crypto analyst Lark Davis says many Bitcoins are still sold at a loss.
- Long-term holders control 69% of the supply and are almost all in profit.
- Short-term holders are largely at a loss, 26% of the supply.
According to Lark Davis, a crypto investor, many Bitcoin (BTC) holders are still sold at a loss. More so, he said long-term holders control 69% of the supply, almost all in profit, and have been buying the dip. Meanwhile, short-term holders are largely at a loss, 26% of the supply is in a state of unrealized loss.
Long term #bitcoin holders control 69% of the supply and are almost all in profit and have been buying the dip.
Short term holders largely at a loss with 26% of the supply being in a state of unrealized loss right now.
Long story short, a lot of BTC still to be sold at a loss pic.twitter.com/1vw1lA6cam
— Lark Davis (@TheCryptoLark) June 1, 2021
Bitcoin starts the year with an unstable bullish breakthrough to $37,500, a figure that analysts describe as a critical ‘line in the sand.’ Still, the rally was short-lived as BTC encountered selling around the lower arm of the bearish pennant visible on many timeframes.
Besides, many traders are afraid that the 2021 bull market has ended and debated whether they should lock in profits. On-chain data suggests that long-term BTC holders have been stockpiling in anticipation of a potential 2013-style double-pump that could push BTC to a new all-time high.
The most recent “week on-chain” report from Glassnode was looking at the activities. Short-term holders are new market entrants who hold coins younger than 155 days. On the other hand, long-term holders have coins older than 155 days. By looking for more insight into what is feeding the market’s uncertainty.
In addition, long-term holders primarily held through the recent dip, as seen by the Average Spent Output Lifespan (ASOL). It falls dramatically ‘back to levels below the accumulation range seen between $50,000 and $60,000,’ according to the ASOL metric. Which provides insight into the average age of all UTXOs spent that day.