Bitcoin Hodl patterns indicate a cycle change towards the bull market

Bitcoin Hodl patterns indicate a cycle change towards the bull market

The Blassnode blockchain data analysis platform revealed that there was "abrupt capital rotation that started with the collapse of FTX". She added that coins were transferred from long -term owners to a new cohort of buyers.

This change in the Hodl pattern was observed in previous cycles and could be a "turning point that indicates a change in the tides," it said.

The Bitcoin prices have shaken losses caused by the CFTC, which aims at Binance and the fake Interpol messages this week. However, the markets are initially in consolidation.

icymi: The current structure of the #bitcoin The Rhodl ratio indicates a remarkably abruptly abrupt capital rotation that began with the collapse of FTX, with coins being transferred to a new group of buyers by long-term owners.

This severe decline in the Rhodl ratio is in earlier cycles up to pic.twitter.com/uibw8u0daf

-Glasknot (@glasknot) 4. April 2023

Bitcoin cycle layer

On April 3, Glassnode introduced a Rhodl metric, which compares the assets of long-termineers with a cycle (6 months to 2 years) with the youngest short-term institutions (1 days to 3 months).

The ratio aims to measure the rotation between the extreme Hodling and distribution points, it explained.

The current structure, which is very declining, indicates that BTC passes from long -term owners to short -term owners, a pattern that accelerated after the decline of FTX.

In addition, the ratio of market value to realized value (MVRV) was also analyzed. This is used to measure an aggregated unrealized profit multiplier that can be delivered within the koin.

The metric is currently 1.4, "which is more of a recovery phase," said Glassnode. An accumulation trend score also indicates that the markets are in a temporary phase of relaxation.

An illiquid supply net position change metric was used to measure the net flow of coins and from wallets with little to no expenditure history. This increases by 36,600 BTC per month, which indicates that trust in the asset increases.

"This is right with our previous observations in relation to the Hodler and provides additional evidence of persistent trust in the market mood despite the background of the regulatory pressure."

BTC price view

Bitcoin prices rose by 2.7 % on this day and reached $ 28,629 at the time of writing this article. They have returned to a weekly high and shaken all the negative news and regulatory pressure.

In addition, Bitcoin's fear and greed index has slipped into "greed", which indicates that a correction could be imminent.

bitcoin Fear and greed index is 62 - greed
Current price: 28.211 $ pic.twitter.com/8a6sfulxzw

- Bitcoin Angst- und Gier-Index (@Bitcoinfear) 4. April 2023

BTC has currently increased by 28 % last month, but remains 58.5 % below his all -time high of $ 69,000 in November 2021.

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