Bitcoin Demand Wanes, Uncertain Times Ahead According to Glassnode Analysis

On-chain analysis firm Glassnode released its latest weekly report on the cryptocurrency market on the 22nd. Bitcoin (BTC) is trading below its main cost base, indicating a depletion of demand and a decline in momentum, the report noted. Long-term holders are selling during price rises, and there is an increase in demand for puts (sell options) and rising volatility in the options market. The report suggests that unstable phases may continue before the market can sustain a recovery. Specifically, Bitcoin is trading below the average price acquired by short-term holders, which is $113,100, currently at $108,600...