Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost. Investors with a long-term growth outlook still want to hold onto the flagship digital asset, iterating their expansive bullish stance on it.
The analogy appears out of a chart from Glassnode, a blockchain analytics firm that determines Bitcoin’s market bias based on on-chain indicators. One of its benchmark offerings is a tracking tool that studies Bitcoin wallets based on their net position holdings. In retrospect, the lesser the wallet owners spend their bitcoin, the higher their bullish bias is.
Green Red Green
Lex Moskovski, the chief investment officer at Moskovski Capital, spotted the said tool — dubbed as Bitcoin Long-Term Holder Net Position Change — and noted that it flipped from red to green for the first time since October 2020.