June all over again? Bitcoin on-chain metrics hint at potential relief rally for BTC.
, those losses became significant just days after the event, with over 50% of the BTC supply held in the red.
Now, another on-chain metric is painting a potentially more bullish picture when it comes to hodlers’ loss-making BTC investments. The Seller Exhaustion Constant, which measures the relationship between supply in profit and 30-day volatility, is repeating behavior from June this year. Originally created by ARK Invest and David Puell, responsible for the Puell Multiple, the Seller Exhaustion Constant suggests that when volatility is low but losses are high, it is less likely that Bitcoin will go lower.
“Specifically, the combination of low volatility and high losses is associated with capitulation, complacency, and a bottoming out of the bitcoin price,” ARK explained about the metric in a research piece, “That situation reflects the current status quo, and if June price action repeats itself, a relief rally should be due for BTC/USD.Bitcoin Seller Exhaustion Constant chart.
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