Analytics
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For the first time in over two years, the price of bitcoin (BTC) realized by short-term holders exceeded the realized price by long-term holders, marking the end of previous bear markets three times previously.
According to network analytics platform Glassnode, the short-term holder’s strike price was $21,742, while the long-term holder’s strike price reached $21,334.
Source: glassnode
Such situations suggest that the average return of people who recently bought BTC (short-term holders) is higher than the average return of people who held BTC for a long period.
A Tarekonchain analyst alias CryptoQuant assessed BTC’s Spent Profit Ratio (SOPR) and found it to be at a low level similar to that recorded in November 2022.
It is worth noting that whenever SOPR reaches a very low level, the price of Bitcoin starts to rise again. For example, when the price of BTC reached $16,000 in November 2022, SOPR was at a very low level, indicating that many investors were selling their coins at a loss.
Today, SOPR has again reached such a low level, which could potentially indicate bullish sentiment in the market.
Source: CryptoQuant
According to Santiment, BTC’s current weighted sentiment has been positive at 0.901. Often this indicates the presence of bullish sentiment in the market, which attracted investors and increased demand for the coin.
Note that BTC weighted sentiment has plummeted since March 12. What’s more, as profit-taking intensified last month, weighted sentiment has fallen 87% over the past three weeks.
Source: Santiment
With many waiting for Bitcoin to break $30,000, open positions have increased by 31% over the past 20 days, according to Coinglass.
An increase in open interest in a coin indicates that there are more open positions or contracts in the futures market for that coin. This may signal a growing demand and investor interest and an expectation of an upward price movement.
Source: Coinglass
Positive funding rates during this period indicated that many were betting in favor of positive price increases.
Source: CryptoQuant
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