The market has endured more than 4 months of decline, are we preparing for a new bullish season?
A new bull season 5 months after reaching the last ATH? I understand that during a price increase, many begin to believe that this will always be the case, but let's be realistic. The market must someday enter a long crypto winter, there is no eternal growth. Yes, Glassnode is constantly reminding you that exchange wallet balances are declining, but we have one more metric to consider, which is the unrealized losses of investors who are under water for a long time.
STH supply is currently near all-time-lows which is constructive for prices. However, 82% of these coins (2.51M BTC) are currently held at a loss, and are in turn the most likely source of sell-side pressure.
Despite the fact that long-term investors are in no hurry to sell their coins, most of the coins of short-term investors are at a loss, which is $ 2,500,000. And as you know, it is short-term investors who have the most selling pressure, so I would not be so happy about the new bullrun, since not all weak hands sold their coins.