{"id":49888,"date":"2021-09-21T18:18:39","date_gmt":"2021-09-21T15:18:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49888"},"modified":"2025-09-02T14:57:19","modified_gmt":"2025-09-02T11:57:19","slug":"glassnode-evergrande-uncertainty-spurs-hodlers-to-sell","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-evergrande-uncertainty-spurs-hodlers-to-sell\/","title":{"rendered":"Glassnode: Evergrande uncertainty spurs hodlers to sell"},"content":{"rendered":"<p>Driven by the uncertainty surrounding Evergrande <a href=\"https:\/\/forklog.com\/en\/news\/possible-default-by-a-chinese-developer-rattled-markets-weighing-on-bitcoin\">risk-off<\/a>, long-term bitcoin holders sold. However, price action and on-chain data proved broadly resilient, according to Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> markets experiences further downside volatility, Long-term Holders are strategically spending coins.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> exchange balances continue to see strong outflows, and the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Thermocap surpasses a $30B valuation.<\/p>\n<p>Read more in The Week On-chain<a href=\"https:\/\/t.co\/n3KltbNmHa\">https:\/\/t.co\/n3KltbNmHa<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1439982697095462915?ref_src=twsrc%5Etfw\">September 20, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As Bitcoin rose from $31,000 to $52,000 by the end of July, bitcoin investors were taking profits from selling BTC at about $1 billion per day. However, this could not derail the uptrend, supported by strong aggregate demand.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-551-1024x596.png\" alt=\"Glassnode: \u0441\u0438\u0442\u0443\u0430\u0446\u0438\u044f \u0432\u043e\u043a\u0440\u0443\u0433 Evergrande \u043f\u043e\u0434\u0442\u043e\u043b\u043a\u043d\u0443\u043b\u0430 \u0445\u043e\u0434\u043b\u0435\u0440\u043e\u0432 \u043a \u043f\u0440\u043e\u0434\u0430\u0436\u0430\u043c\" class=\"wp-image-150156\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-551-1024x596.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-551-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-551-768x447.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-551-1536x895.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/1-551.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>On September 21, analysts revised the data. They estimated that net realized losses over the last 24 hours totaled $650 million \u2014 the highest since July 24.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> Net Realized Losses for today were $650 Million<\/p>\n<p>Biggest loss realization event since we were at $34k<\/p>\n<p>With this in mind lets look at SOPR.. <a href=\"https:\/\/t.co\/Ii9IwJWyXc\">pic.twitter.com\/Ii9IwJWyXc<\/a><\/p>\n<p>\u2014 Permabull Ni\u00f1o \ud83d\udc02 (@PermabullNino) <a href=\"https:\/\/twitter.com\/PermabullNino\/status\/1440106912440143873?ref_src=twsrc%5Etfw\">September 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An &#8216;age-based&#8217; analysis shows that by the end of August selling intensified among users who held the asset for more than six months. After volatility in the last two weeks, accumulative behavior again became typical for them.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-467-1024x596.png\" alt=\"Glassnode: Evergrande spurred hodlers to sell\" class=\"wp-image-150157\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-467-1024x596.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-467-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-467-768x447.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/2-467-1536x895.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/2-467.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>In terms of exchanges, the largest outflows are seen at Bitstamp, OKEx, Huobi and Coinbase.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-177-1024x596.png\" alt=\"Glassnode: Evergrande spurred hodlers to sell\" class=\"wp-image-150160\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/4-177-1024x596.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/4-177-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/4-177-768x447.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/4-177-1536x895.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/4-177.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Balances held by miners continue to rise. Analysts noted that accumulation is occurring more vigorously than in the previous market cycle.<\/p>\n<p>Associated with miner addresses, selling was observed in January\u2013February 2021, after which their balance grew by 14,000 BTC over the next six months. At the end of August they logged a one-off outlay of 1,360 BTC, which did not presage a trend change.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" decoding=\"\" width=\"1024\" height=\"596\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/6-76-1024x596.png\" alt=\"Glassnode: Evergrande spurred hodlers to sell\" class=\"wp-image-150162\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/6-76-1024x596.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/6-76-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/6-76-768x447.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/6-76-1536x895.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/6-76.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Recall, Delphi Digital analysts suggested that until the September 24 expiry the market is expected to see heightened volatility <a href=\"https:\/\/forklog.com\/en\/news\/opinion-ahead-of-september-24-options-expiry-market-expects-elevated-volatility\">the market is expected to see heightened volatility<\/a>.<\/p>\n<p>Earlier, Glassnode analysts concluded that the sharp price retracement on May 7, driven by liquidations in the crypto-derivatives market, <a href=\"https:\/\/forklog.com\/en\/news\/glassnode-recent-bitcoin-slump-did-not-shake-long-term-investors-sentiment\">did not shake<\/a> long-term investors&#8217; willingness to hold the coins they had acquired.\u00a0<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Driven by the uncertainty surrounding Evergrande, the risk-off move prompted long-term Bitcoin holders to sell. However, price action and on-chain data proved broadly resilient, according to Glassnode analysts.<\/p>\n","protected":false},"author":1,"featured_media":49889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,480,1166,1137,1273,1145],"class_list":["post-49888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitcoin-price","tag-centralized-exchanges-cex","tag-cryptocurrency-mining","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=49888"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49888\/revisions"}],"predecessor-version":[{"id":49890,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49888\/revisions\/49890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/49889"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=49888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=49888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=49888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}