Signs of Recovery: Speculation Surges in Rebounding Bitcoin Market
Glassnode’s latest onchain analysis reveals a resurgence in speculative activity in the bitcoin (BTC) market after months of stagnation, signaling a shift in market sentiment.
Both short and long-term holders are increasingly engaged. Spurred by Mt Gox Trustee’s internal wallet consolidation on May 28, 2024. Mark Karpeles, former Mt. Gox CEO, confirmed this was in preparation for distributing 141,000 BTC to creditors by October. This movement caused significant spikes in metrics like Realized Cap and Coindays destroyed. The report indicates that most bitcoin investors now hold unrealized profits, showing renewed market confidence.
Despite recent price consolidation, the market is primed for increased volatility, with the Sell-Side Risk ratio reset suggesting potential substantial market movements and heightened speculative activity.
Clever Robot News Desk 10th June 2024
