Last week, the volume of Bitcoin realized at a loss by short-term investors reached $3.83 billion. According to Glassnode, when including long-term holders who sold $383 million worth of coins at a profit, the total loss rose to a record $3.45 billion.
#Bitcoin has held onto support this week, absorbing yet another capitulation, and likely sell-side pressure from miners
We analyse
— A second on-chain capitulation
— Balance of miner revenue + selling
— Institutional demandRead more in The Week On-chainhttps://t.co/fK3SA55jjv
— glassnode (@glassnode) June 28, 2021
The aggregate indicator hit a new record of $2.65 billion.
The metric is calculated by the value of unspent transaction outputs (UTXOs). Analysts estimate that 2.44% of the market supply held by long-term investors is in the red.
The price below $30 000 sparked panic selling among both short- and long-term Bitcoin holders. The losses for the former averaged 13.4% (in March 2020 they reached 15.4%). Holders were unloading coins they had previously bought in the $9,200 to $16,300 range.
The 14-day moving average of BTC transfers from Bitcoin miner wallets to exchange addresses has steadily declined from about 580 BTC per day in March to the current 180-200 BTC.
Over the last two weeks, balances on OTC platforms tracked by the service declined by 1,134 BTC. This also serves as confirmation of easing selling pressure from miners.
The price discount of the Grayscale Bitcoin Trust (GBTC) to NAV narrowed to 4.83%-14.44%. In May it peaked at a record 21.23%. Investors through this product bought a total of 651,500 BTC or 3.475% of the market supply of Bitcoin.
Comparing the dynamics of this metric with the net flows into Canada-based Bitcoin ETFs, namely the Purpose Bitcoin ETF and the 3iQ Digital Asset Management QBTC ETF, as well as the balance of Coinbase Pro’s Bitcoin exchange, analysts noted subdued demand from institutional investors.
Earlier, Glassnode experts recorded a drop in activity on the Bitcoin network to yearly lows.
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