Bitcoin accumulation is in full swing during the downtrend despite BTC price having more room to drop.
Short-term holders expanding their BTC holdings indicates that heavy sell-offs have taken place.
Although Bitcoin prices made a strong 15% recovery over the past week, metrics suggest more network demand would be needed to sustain further price increases.
The latest analysis by Glassnode suggests that the worst of the sell-offs could be concluded, but the market still needs time to recover.
Bitcoin’s price had just topped $21,000 at the time of writing — meaning around 45% of BTC holders have an “on-paper loss,” according to Glassnode.
While many indicators suggest that the market bottom may be close, time will be the ultimate determinant, according to a new report from Glassnode.