Glassnode, the renowned crypto analytics firm, in a recent tweet, shared some intriguing insights into the current state of Bitcoin. Their analysis focused on the profit/loss ratio and the volume of Bitcoin deposits to exchanges, shedding light on the prevailing trends in the market.
According to Glassnode’s findings, Bitcoin deposit volume’s profit/loss ratio, or bias, currently stands at a negative 0.7. It suggests that an influx of coins flows into exchanges at a loss, raising eyebrows among crypto investors.
However, Glassnode’s findings offer valuable insights into the dynamics of the Bitcoin market. The negative bias of the overall deposit volume highlights the potential bearish sentiment as coins are being moved to exchanges at a loss.
Delving deeper into the data, Glassnode dissected the exchange inflow bias based on the distinction between Short and Long-term Holders (STHs and LTHs).
Remarkably, Long-term Holders emerged as the winners in this analysis, with a positive bias of 1.73, indicating profitable inflows.
On the other side, STHs faced a negative bias of 0.69, which closely mirrored the overall market bias of 0.7. This data suggests that, at present, Short-term Holders dominate the exchange inflows.
Nevertheless, the disparity between Short and Long-term Holders reveals an interesting contrast, with Long-term Holders reaping profits while Short-term Holders face challenges.
Miners Expand Bitcoin Holdings By 8.2K BTC
In another significant analysis, Glassnode unveiled a noteworthy finding related to Bitcoin. Their analysis centered around the aftermath of the FTX implosion, which had witnessed a substantial outflow of Bitcoin. However, what followed this tumultuous event was a rather intriguing development.
Glassnode’s data revealed that miners, with the exception of Patoshi and early unlabelled miners, have been actively bolstering their balance sheets. In fact, they managed to expand their holdings by an impressive 8.2K BTC, catapulting their total Bitcoin stash to a substantial 78.5K BTC.
This revelation sheds light on an interesting trend within the mining community. Despite the FTX implosion and the resultant outflow of Bitcoin, miners have displayed resilience and a proactive approach to enhancing their holdings.
Well, such an accumulation of BTC by miners can be viewed as a testament to their confidence in the long-term value of the world’s leading cryptocurrency.
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