Bitcoin's Future Uncertain as Price Drops and Speculators Profit.
TL;DR Summary
Glassnode's latest investigation into on-chain activity reveals that short-term holders (STHs) are responsible for the recent speculative behavior in Bitcoin, including profit-taking. The market value to realized value (MVRV) metric shows that STH-MVRV is falling towards its equilibrium point of 1.0, where the spot price matches the cost basis. For this to complete, BTC/USD would need to fall to $24,400. Long-term holders (LTHs) have also been selling into rallies, increasing the overall share of BTC classed as "young supply." Overall, LTHs remain in control of the supply, with net new entries "relatively soft."
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