Glassnode: We Are Seeing a Transitional Phase from a Bear to a Bull Market

Glassnode analysts have noted that the Bitcoin market is experiencing a cyclical transition, which occurs against the backdrop of a sharp change in the ratio of total profits and losses.

They have said:

“With past cycles as a guide, the road ahead remains difficult. Historically, they have been characterized by a wide sideways trend, with local volatile movements, as a rule, in both directions.”

Structural changes in the market are traced when considering the proportion of realized gains and losses. For the first time since April last year, there has been a shift in dominance from the latter to the former.

The same metric in terms of realized capitalization says that the process has not yet gained momentum.