Crypto Hodlers Are Waiting for BTC Growth to Sell the Asset: Report
The limited price range for BTC last week corresponded to an extreme decrease in the value of transfers on-chain, as indicated by Glassnode.
The 91.8% plunge in transfers to exchange wallets, from $4.2 billion to $343.4 million, along with an 85.5% reduction from the peak in early 2021 ($13.1 billion) to the current $1.9 billion, resulted in the fewest realized profits and losses in three years.
Market participants appear to be incapable of cashing in on their Bitcoins, a sign that “the cost” of purchased Bitcoins is nearly the same as the spot price.
The experts suggest that volatility may need to increase in either direction to bring incentive to spend them.
The realized price for coins that are over seven years old ($25,200) may act as psychological support, which is slightly above current quotes.
