Glassnode noted that the risks of volatility of the first cryptocurrency in the short term have increased significantly due to investor pressure.
“The short-term holders group continues to bear elevated unrealized losses, indicating that they are the main risk group and an expected source of pressure on Bitcoin prices,” the analysts emphasized.
The $51,000 price level of the first cryptocurrency is critical, and if it is passed, short-term holders may start selling off assets en masse, further increasing the pressure.
“Since the historical maximum update above $73,000, there has been a gradual decrease in the realized value of Bitcoin. This means that all coins sold since then bring holders less and less profit,” the experts said.
According to analysts, at the moment, long-term holders have already sold some of the coins in the historical maximum zone, causing an excess supply on the market.
Earlier, representatives of the American bank JPMorgan said that the average income of miners of the first cryptocurrency fell to $43,600 per EH/s, which is a record low in 2024.
Source: Bits
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