Bitcoin speculators now own the least BTC since $69K all-time highs
Short-term holder supply has declined to just 2.56 million BTC, but the current Bitcoin market may be "top heavy," warns Glassnode. Bitcoin (BTC) speculators are leading a period of “exhaustion and apathy” across the market, new research says. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode waning conviction among Bitcoin’s short-term holders (STH). Bitcoin speculators risk unrealized losses After several months of stagnant BTC price action, frustration among market participants has lead to predictions of deeper downside to come. Bulls remain unable to break resistance, while sellers likewise face multiple support zones in the form of trend lines between the current $29,000 and $25,000. Among these is the STH cost basis, or realized price. STHs are defined by Glassnode as entities hodling coins for 155 days or less, and correspond to the more speculative end of the Bitcoin investor spectrum. The STH cost basis has functioned as ...