Bitcoin Long-Term Holders Sell at Loss, Echoing 2022 Terra Crash
Glassnode data shows the Spent Output Profit Ratio for long-term holders (coins unmoved over 155 days) dipping below 1 on a seven-day average, meaning they're realizing losses amid Bitcoin's slide to around $68,900. This mirrors the panic after the May 2022 Terra-LUNA collapse and marks the weakest dip-buying from these holders since then. Traders remain divided: bears eye drops to $60,000 or $54,000 if key supports fail, while bulls see the capitulation as a setup for breakouts to $85,000, with Bitcoin down 14% since early February after a 50% drawdown from last year's highs.
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Bitcoin Long-Term Holders Sell at Loss, Echoing 2022 Terra Crash
Glassnode data shows the Spent Output Profit Ratio for long-term holders (coins unmoved over 155 days) dipping below 1 on a seven-day average, meaning they're realizing losses amid Bitcoin's slide to around $68,900. This mirrors the panic after the May 2022 Terra-LUNA collapse and marks the weakest dip-buying from these holders since then.
Traders remain divided: bears eye drops to $60,000 or $54,000 if key supports fail, while bulls see the capitulation as a setup for breakouts to $85,000, with Bitcoin down 14% since early February after a 50% drawdown from last year's highs.