Bitcoin (BTC) has shown signs of “speculative activity” after a period of consolidation, according to crypto analytics firm Glassnode.
New Buyers and Investors
Glassnode reports that new buyers and investors who have held BTC for six months to three years are holding unrealized profits. This suggests that the market is entering an early “euphoric phase” of a bull market.
Sell-Side Risk Ratio
The sell-side risk ratio, which measures the balance between profits and losses, has reset and returned to equilibrium. This indicates that most profit-taking has already occurred, suggesting increased volatility in the near future.
Mt. Gox False Alarm
The market reacted to a “false alarm” last month when it was reported that bankrupt crypto exchange Mt. Gox had moved nearly $10 billion in BTC. However, former CEO Mark Karpelès clarified that the movements were preparations for a distribution later this year.
