Bitcoin investors in ‘better position’ as onchain metrics signal market shift — Glassnode

Although Bitcoin’s price dropped under $60,000 this week, Glassnode said that multiple onchain metrics are hinting that the market might be “approaching a phase shift.” 

This recovery, which has seen Bitcoin

rally as much as 26.5% from a low of $52,550 on Sept. 6 to a three-month high of $66.508 on Sept. 27, displays uncanny similarity to previous cycles, with the price trading in a nearly identical position.

“Both the 2015-16 [blue line], and 2019-20 [green] periods have traded in an oddly similar manner to the recovery seen in 2023-24 [black],” Glassnode analysts said in an Oct. 2 report.

“This price action provides the first inclinations that the structured downtrend may be approaching a phase shift.”

“This suggests that HODLing persists as the dominant behavior of Bitcoin investors.”

This means that LTHs are increasing their positions, which is historically a bullish signal. When long-term investors accumulate, it often indicates confidence in the cryptocurrency’s future growth potential.

The report also highlighted that a large volume of Bitcoin acquired close to the $73,835 all-time high matured across the 155-day threshold, and the supply held at an unrealized loss by LTHs is increasing. 

“However, the magnitude of unrealized loss held by these investors remains small in scale, suggesting minimal financial pressure imposed on their portfolios.”