A sign of Bitcoin’s surge? ! Glassnode: Very similar to the 2018-2021 bull market

Glassnode released its latest weekly report stating that after Bitcoin hit a record high of $73,100 on March 13, the maximum decline reached 15.4%, falling to a low of $61,800 on the 20th, and then rebounded. to $70,000.

It is worth noting that Glassnode found that the current market cycle is similar to the previous cycle (blue) from 2018 to 2021, judging from the duration of the cycle and the timing of reaching the peak in April 2021 , the current market is in a similar situation to December 2020, that is, this cycle has not yet reached a high point. It is worth mentioning that.

##Glassnode data shows that Bitcoin fell from a record high to a recent low, with a drop of $61,200. A total of 2 million Bitcoins turned from a profit to a loss. After Bitcoin rebounded to $66,500, approximately 1 million more Bitcoin coins returned to profitability.

Long-term holders took profits after breaking new highs

Investors took profits when Bitcoin hit $73,200, with more than $2.6 billion in realized daily locks locked in, according to a weekly report Profits, 40% of which are related to long-term holders, including investors who profited from Grayscale GBTC.

Every day, short-term holders have made profits of US$1.56 billion. At the same time, the realized profits of these two major holder groups have reached a level similar to that during the peak of the bull market in 2021. As Bitcoin breaks through new highs, the proportion of profit-taking by long-term holders has increased, which is also the case for Bitcoin in the past. Typical characteristics of currency cycle cycles.

Glassnode’s conclusion is: The Bitcoin market broke through a new high of $73,000, triggering an increase in profit-taking activities by long-term holders. The market has now realized daily profits of more than $2.6 billion, indicating that many investors are beginning to leave the market. , but this is not atypical market behavior and is very consistent with the market patterns that have occurred when all previous cycles broke through all-time highs.

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