The latest analysis by Glassnode suggests that the worst of the sell-offs could be concluded, but the market still needs time to recover.
“Extreme” demand at the $20,000 price point for Bitcoin (BTC) appears to have forced the coins back into the hands of investors who care less about price while creating a new realized price level.In the latest The Week OnChain Newsletter published on July 25, Glassnode’s UkuriaOC pointed to “extreme demand” around the $20,000 region, noting that at each psychological price level from $40,000 to $30,000 to $20,000 creates a new group of short-term holders (STHs).The Glassode analyst noted that much of the supply that new STHs bought during that drawdown has not been sold even though prices are significantly down.
