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Home » Bitcoin Shows “Signs of a Surge Before the Storm”! Glassnode: Overlapping with the Heights of 2018-2021, Now Resembling Late 2020.
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Bitcoin Shows “Signs of a Surge Before the Storm”! Glassnode: Overlapping with the Heights of 2018-2021, Now Resembling Late 2020.

By adminApr. 1, 2024No Comments3 Mins Read
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Bitcoin Shows "Signs of a Surge Before the Storm"! Glassnode: Overlapping with the Heights of 2018-2021, Now Resembling Late 2020.
Bitcoin Shows "Signs of a Surge Before the Storm"! Glassnode: Overlapping with the Heights of 2018-2021, Now Resembling Late 2020.
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Blockchain analytics company Glassnode has released its latest weekly report, indicating that following Bitcoin’s all-time high in the past month, it fell by 15.4%, which is extremely similar to the 2018-2021 cycle. As Bitcoin broke through the new high, long-term holders began to increase profit realization activities, and the market’s daily realized profit has now reached more than 2.6 billion US dollars.

(Background information:
Bitcoin seriously “supply exceeds demand”! CryptoQuant: The monthly BTC demand increased by 430%, and the seller’s liquidity dried up
)
(Additional information:
Bitcoin has risen to $150,000 this year! Morgan Creek founder: BTC will reach its highest point on Christmas.
)
The blockchain analytics company Glassnode has released its latest
weekly report, indicating that after hitting an all-time high of $73,100 on March 13th, Bitcoin’s largest decline reached 15.4%, falling to a low of $61,800 on the 20th, then rebounding to $70,000.

It is noteworthy that Glassnode found that the current market cycle bears remarkable similarities to the previous 2018-2021 cycle (blue), and from the cycle’s duration and the schedule of reaching the peak in April 2021, the current market is in a situation similar to December 2020, which is that the current cycle has not yet reached its peak. It is worth mentioning that


Image source: Glassnode
Glassnode stated that as Bitcoin fell from its all-time high to a recent low of $61,200, a total of 2 million bitcoins turned from profit to loss. After Bitcoin rebounded to $66,500, about 1 million bitcoins returned to profit.

Realization of Profits by Long-Term Holders after Breaking the All-Time High
According to the weekly report, when Bitcoin reached $73,200, investors realized their profits, locking in over $2.6 billion in realized profits daily. Around 40% of these profits are related to long-term holders, including investors withdrawing funds from Grayscale GBTC.


Glassnode
The daily realized profits for short-term holders reached $1.56 billion, and the realized profits of these two major holder groups have reached levels similar to the peak of the 2021 bull market. With Bitcoin’s breakthrough, the proportion of profit realization by long-term holders has increased, which is also a typical feature of past Bitcoin cycles.

Glassnode’s conclusion is:


Related Reports
Detailed Explanation of BounceBit: Bitcoin’s Re-Pledged Chain, Releasing Trillions in Liquidity
Opinion》Why Holding Firmly After Bitcoin Halving Is a Good Choice?
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