{"id":552378,"date":"2023-09-21T22:00:26","date_gmt":"2023-09-21T22:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552378"},"modified":"2024-06-11T07:06:23","modified_gmt":"2024-06-11T07:06:23","slug":"is-the-bitcoin-dream-fading-glassnode-data-reveals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-the-bitcoin-dream-fading-glassnode-data-reveals\/","title":{"rendered":"Is The Bitcoin Dream Fading? Glassnode Data Reveals Newbies Facing Steep Losses"},"content":{"rendered":"

Since its inception, Bitcoin, the preeminent cryptocurrency, has witnessed several market cycles, each with its highs and lows. Its volatile nature has recently tested investors’ mettle, especially those who ventured into Bitcoin in the past three months. <\/span><\/p>\n

Bitcoin Short-Term Holders’ Cost Basis Troubles<\/span><\/h2>\n

New findings<\/a> from analytics firm Glassnode have painted a detailed picture of the current scenario, revealing the challenges faced by short-term holders (STHs) of the premier cryptocurrency.<\/span><\/p>\n

Related Reading: Bitcoin Sees Sudden Boost Amid Mt. Gox Rumors, But QCP Capital Targets $22,000<\/a><\/div>\n

STHs, defined by Glassnode as entities holding Bitcoin for 155 days or less, have recently felt the heat. The firm’s research disclosed that roughly 97.5% of these investors<\/a> grapple with unrealized losses. <\/span><\/p>\n

To put it in perspective, as of September 17, Glassnode reveals<\/a> the cost basis (or average purchase price) for those refraining from selling their BTC stands at $28,000, precariously hovering around 5% above the prevailing market rate.<\/span><\/p>\n

\"Bitcoin
Bitcoin short-term holders and spender cost basis chart. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

This situation stresses those new to the crypto ecosystem,<\/a> causing many to reconsider their potential investment strategies.<\/span><\/p>\n

Shift In Sentiment And Trend Confidence Metric<\/span><\/h2>\n

Delving deeper, Glassnode’s “The Week On-Chain” report highlights a marked change in sentiment among Bitcoin’s short-term holders. The firm identified a distinction between STHs based on their activity \u2013 those who spend their Bitcoin and those who hold. <\/span><\/p>\n

An interesting trend emerged from this classification<\/a>. The cost basis of the spenders dipped below that of the holders during the market’s descent from $29,000 to $26,000 in mid-August. This shift indicates a sentiment of concern and pessimism among the STH community.<\/span><\/p>\n

Related Reading: Bitcoin\u2019s Next Move: Crypto Analyst Predicts $45,000 Price Ahead Of Halving<\/a><\/div>\n

Glassnode introduced a ‘trend confidence metric to quantify this sentiment further.’ This metric is derived by deducting the spender’s cost from the holder’s cost basis and dividing the resultant value<\/a> by Bitcoin’s current price.<\/span><\/p>\n

\"A
A chart illustrating Bitcoin’s new investor confidence in trend. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

A pivotal takeaway from this metric was the evident negative shift in market sentiment. As stated in Glassnode’s conclusion:<\/span><\/p>\n

The Bitcoin market is experiencing a non-trivial shift in sentiment, with almost all Short-Term Holders now underwater on their supply.<\/span><\/p><\/blockquote>\n

The firm noted that the current atmosphere of unease has been “unparalleled” since the FTX debacle. Glassnode noted:<\/span><\/p>\n

This has resulted in a negative shift in sentiment, with investors spending now having a lower cost basis than the rest of the cohort. This suggests a degree of panic is dominating this group, which is the first time since FTX collapsed.<\/span><\/p><\/blockquote>\n

Meanwhile, although Bitcoin’s short-term holders are grappling with steep losses, the asset experienced a slight uptick yesterday, pushing its price above $27,000. However, this gain was short-lived as Bitcoin quickly retraced its steps, trading at $26,605 at the time of writing, with a 2.1% decline<\/a> in the last 24 hours.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Since its inception, Bitcoin, the preeminent cryptocurrency, has witnessed several market cycles, each with its highs and lows. Its volatile nature has recently tested investors’ mettle, especially those who ventured into Bitcoin in the past three months. Bitcoin Short-Term Holders’ Cost Basis Troubles New findings from analytics firm Glassnode have painted a detailed picture of the current scenario, revealing the challenges faced by short-term holders (STHs) of the premier cryptocurrency. Related Reading: Bitcoin Sees Sudden Boost Amid Mt. Gox Rumors, But QCP Capital Targets $22,000 STHs, defined by Glassnode as entities holding Bitcoin for 155 days or less, have recently felt the heat. The firm’s research disclosed that roughly 97.5% of these investors grapple with unrealized losses. To put it in perspective, as of September 17, Glassnode reveals the cost basis (or average purchase price) for those refraining from selling their BTC stands at $28,000, precariously hovering around 5% above the prevailing market rate. This situation stresses those new to the crypto ecosystem, causing many to reconsider their potential investment strategies. Shift In Sentiment And Trend Confidence Metric Delving deeper, Glassnode’s “The Week On-Chain” report highlights a marked change in sentiment among Bitcoin’s short-term holders. The firm identified a distinction between STHs based on their activity \u2013 those who spend their Bitcoin and those who hold. An interesting trend emerged from this classification. The cost basis of the spenders dipped below that of the holders during the market’s descent from $29,000 to $26,000 in mid-August. This shift indicates a sentiment of concern and pessimism among the STH community. Related Reading: Bitcoin\u2019s Next Move: Crypto Analyst Predicts $45,000 Price Ahead Of Halving Glassnode introduced a ‘trend confidence metric to quantify this sentiment further.’ This metric is derived by deducting the spender’s cost from the holder’s cost basis and dividing the resultant value by Bitcoin’s current price. A pivotal takeaway from this metric was the evident negative shift in market sentiment. As stated in Glassnode’s conclusion: The Bitcoin market is experiencing a non-trivial shift in sentiment, with almost all Short-Term Holders now underwater on their supply. The firm noted that the current atmosphere of unease has been “unparalleled” since the FTX debacle. Glassnode noted: This has resulted in a negative shift in sentiment, with investors spending now having a lower cost basis than the rest of the cohort. This suggests a degree of panic is dominating this group, which is the first time since FTX collapsed. Meanwhile, although Bitcoin’s short-term holders are grappling with steep losses, the asset experienced a slight uptick yesterday, pushing its price above $27,000. However, this gain was short-lived as Bitcoin quickly retraced its steps, trading at $26,605 at the time of writing, with a 2.1% decline in the last 24 hours. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,61309],"class_list":["post-552378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-glassnode"],"acf":[],"yoast_head":"\nIs The Bitcoin Dream Fading? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Bitcoin Dream Fading? 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