In the dynamic realm of Bitcoin, the ability to discern patterns and trends from raw data is invaluable. Glassnode’s latest report, “Exhaustion and Apathy,” serves as a beacon, illuminating the intricate nuances of the current state of the market. Let’s delve deeper into the numbers and their implications. Historic Lows In Bitcoin Volatility The overarching theme of Glassnode’s findings is the unprecedented stagnation in Bitcoin’s volatility. The data reveals that the digital asset has been trading within a remarkably narrow $29,000 to $30,000 range. Historically, Bitcoin has been synonymous with volatility, making this current phase an anomaly. The report underscores this by highlighting the Bollinger Bands’ tightness, noting, “The upper and lower Bollinger Bands are currently separated by just 2.9%.” Such constricted movement has been a rarity in Bitcoin’s tumultuous history. Related Reading: Goldman Foresees Q2 2024 Fed Rate Cut: A Boost For Bitcoin? Meanwhile, the dynamics between short-term holders (STH) and long-term holders (LTH) offer a captivating narrative. Glassnode’s data indicates a significant shift in wealth between these two cohorts. The STH’s wealth has burgeoned b ..
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