Glassnode: The current cycle's deepest pullback of BTC is still relatively shallow compared to previous cycles.

On July 10th, Glassnode released a report stating that BTC recorded the deepest drop in the current cycle, with a trading price more than 26% lower than the ATH. Despite this, compared to previous cycles, the retracement is still relatively shallow in history. This price contraction has caused a large amount of short-term holder supply to be unrealized losses, with over 2.8 million BTC now underwater according to its on-chain acquisition price. Although the financial pressure on short-term holders has increased, the magnitude of locked losses is still relatively moderate compared to the market size.

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Amyvip
· 2024-07-10 11:11
That's because this time there is strong buying support from BlackRock, making the currency price support. Previously it was Whale, but now there are large institutions building a bottom, it's that simple, very easy to understand.
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