Glassnode: Long-term Investors Are Selling Bitcoin

According to the latest report published by analyst firm Glassnode, uncertainty associated with geopolitics and the US Federal Reserve (Fed) rate have weakened the accumulation of Bitcoins by hodlers or long-term investors.

Moreover, they have added that due to the high proportion of “unprofitable” coins among short-term holders, a final capitulation is not ruled out.

The company’s analysts have found an increase in sales by long-term Bitcoin investors. However, considering the current conditions, this cannot be interpreted as a sign of a loss of confidence among hodlers, the experts have pointed out.

The Coin Days Destroyed metric, which takes into account the movement of “older” coins, still points to Bitcoin hoarding as the preferred behavior.

Analysts have reported that prior to the end of previous bearish cycles, there was a final capitulation of bulls. They have not ruled out that something similar could happen in the future.