Have the sellers finished selling? Total net inflows to exchanges have been negative since last July, and the profit and loss ratio is nearly flat, leading Glassnode to believe we may be close to a cycle bottom.
However, Glassnode attributes the current relatively low inflows to “the scale of market uncertainty at present,” and suggests that the crypto trading market, in general, has shifted to derivatives trading over spot sells in order to hedge risk.
The coins that remain on-chain maintain a realized price of $24,100 per BTC, suggesting most hodlers enjoy a profit margin of 63%. Realized price is the average price of all coins when they were moved on-chain.
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