According to Glassnode statisticsBitcoin holders are unlikely to be selling at current rates, and the BTC stablecoin supply ratio is at an ATL, which could be beneficial for BTC.
On Wednesday, as sales continued, the digital currency fell as low as $ 30,001.51 before making up some of its losses. The cryptocurrency has not been trading at these levels since the end of January. Bitcoin rebounded during the day, slipping 12% to $ 38,205.49 just after 3 p.m. ET.
The cryptocurrency had lost more than 40% of its value. The value of other cryptocurrencies also collapsed on Wednesday. At $ 2,620.97, Ether, the digital currency that powers the Ethereum network, was down more than 22%.
Glassnode provides information on selling pressure on Bitcoin
According to a graph provided by Glassnode, BTC holders’ selling pressure on Bitcoin is currently at its lowest level since November last year. The Bitcoin stablecoin supply ratio, on the other hand, has reached an all-time low. Because of this, both things are beneficial to the flagship cryptocurrency.
A graph from the Glassnode analytics team was shared by the CIO of Moskovski Capital showing that the red sales zone has shrunk since November last year when green turned red. Massive sell-offs began later that month, in January, but on January 10, Bitcoin hit a new all-time high of $ 41,000. While BTC hit the $ 15,000 mark in November when sales were just beginning.
#Bitcoin The Hodler sales pressure is the lowest since November.
Seems like they’re not ready to sell at this price right now.
Despite mass sales in January.
– Lex Moskovski (@mskvsk) June 2, 2021
Bitcoin is number 1 in the cryptocurrency. Currently the price is from BTC is $ 38,829.39 with a change of 4.28. Coin’s market cap at the time of writing is $ 726,526,313,872 along with a trading volume of $ 36,378,722,990 in the last 24 hours. The circulating supply is 18,725,518.00 BTC.
The BTC Stablecoin Supply Ratio (SSR) (7-day MA) has fallen to an all-time low of 6,861, according to another tweet from Glassnode
View metric: https://t.co/AR9JEKADBL pic.twitter.com/iUaOMPtLu2
– Glasnode warnings (@glassnodealerts) June 3, 2021
According to the expert, this is a bullish factor, if the SSR drops sharply, the current stablecoin supply will have more purchasing power to purchase Bitcoin. This measurement shows the purchasing power of stablecoins compared to bitcoin. In the event it collapses, current stablecoin supply would have greater purchasing power for the flagship digital currency.