Crypto Insights Company Glassnode Says Bitcoin Bull Market Demand Is Capable To Absorb BTC Sales

Crypto analysis firm Glassnode is tracking Bitcoin (BTC) market dynamics as the largest crypto by market cap suffers losses this week.

BTC is trading at $ 59,485.72 at the time of writing and is down around 10.5% from its price at the same time seven days ago. Bitcoin hit an all-time high of $ 69,044.77 last week.

Glassnode examines Bitcoin’s ‘realized cap’, which values ​​each BTC in the offering at the price it was last transferred on the chain. If a coin has traded profitably, it increases Bitcoin’s realized cap, and if it has traded at a loss, it decreases it.

Bitcoin’s realized cap has reached an all-time high of $ 450 billion, according to the company.

Glassnode notes that the market spending against Bitcoin’s realized cap is lower than it was compared to previous market highs.

“Previous market highs (namely 2017 and 2021) occurred when the total value realized from spending exceeded 0.3% of market cap and 1.0% of realized cap (often reaching much more). In today’s market, spending is less than 50% of these thresholds.

This provides further evidence that healthy bull market demand should be able to absorb a lot more coin distribution. “

Read Glassnode’s full Bitcoin market analysis here.

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Featured Image: Shutterstock / Sergey Nivens

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