Glassnode: Bitcoin Holders Realized 14x More Losses Than Profits Recently

Data from Glassnode reveals Bitcoin holders realized 14 times more losses than profits in recent weeks.

Bitcoin 7-Day MA Realized Profit/Loss Ratio Sets New All-Time Low

As per the latest weekly report from Glassnode, the realized profit/loss ratio has assumed its lowest value ever recently.

Whenever a coin sits idle on the chain and the price of Bitcoin changes, it accumulates some amount of profit or loss, depending upon the direction of the price fluctuation.

This profit or loss is called “unrealized” so as long as the coin holds still in the same wallet, but as soon as the holder moves/sells this coin, the total amount of profit/loss it was carrying is then said to be “realized.”

The realized profit and the realized loss metrics keep track of such amounts of profit and loss being harvested by investors across the BTC market.

Now, the “realized profit/loss ratio” is an indicator that measures the ratio between the current values of these two metrics.

Here is a chart that shows the trend in the 7-day moving average of this Bitcoin ratio over the history of the crypto:

The 7-day MA value of the metric seems to have been quite low in recent days | Source: Glassnode's The Week Onchain - Week 49, 2022

As you can see in the above graph, the Bitcoin realized profit/loss ratio has plunged deep below a value of 1 following the FTX crash.

When the indicator has values in this zone (that is, when it’s less than 1), it means BTC investors are realizing a higher amount of loss than profit right now.

In the latest plunge, the metric not only dropped to pretty low values, it in fact recorded a new all-time low. This bottom level corresponded to the loss realization being 14 times more than profit realization.

From the chart, it’s apparent that deep lows like now have historically been observed at or near bottoms in previous bear markets, which means they have always been at the center of macro market regime shifts.

If the same trend follows this time as well, then the current Bitcoin market may also be in the middle of such a shift.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.9k, up 3% in the last week. Over the past month, the crypto has lost 20% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has been trading sideways around $17k | Source: BTCUSD on TradingView Featured image from 愚木混株 cdd20 on Unsplash.com, charts from TradingView.com, Glassnode.com

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Solana Price Could Target $15 If It Breaches These Levels

The Solana price has turned bullish on the daily chart. Over the last 24 hours, the altcoin has risen by 1%. SOL has logged close to a 6% gain in the last week. Although the coin depicts positive price action on the daily time frame, the bulls might fade on the weekly time frame if demand for SOL doesn’t appreciate.

The technical outlook of the Solana price indicated accumulation, which meant that demand was returning in the market. The asset’s price has crossed the $14 mark, which has acted as a stiff resistance for the coin.

Despite that, SOL has not secured the $14 mark as a solid support line. If buyers start to wane, SOL could fall to its next support line. SOL trades at a 94% discount to its all-time high set in 2021. There are two important price resistances that SOL has to break through to target a move to $15. A move below $14 will land the altcoin near the $13.60 support line.

Solana Price Analysis: One-Day Chart

Solana was priced at $14 on the one-day chart | Source: SOLUSD on TradingView

SOL was exchanging hands at $14 on the one-day chart. The bulls could finally push through the $14 resistance mark; however, demand for the coin remains wobbly despite an uptick. Bulls must ensure that the Solana price remains above the $14 mark to surpass the two vital trading levels.

Immediate resistance was at $14.20, above which SOL would face resistance at $14.90 before revisiting $15. The nearest support line for Solana was at $13.60; however, a fall to $13.60 could further drag the asset price to $12. The amount of SOL traded in the last session was green, which showed short-term bullishness.

Technical Analysis

Solana depicted bullish divergence on the one-day chart | Source: SOLUSD on TradingView

SOL had broken above its descending resistance line, and the coin has been attempting to move north ever since that. In the shorter time frame, Solana formed a bullish divergence. The Relative Strength Index was past the 40-mark, which meant that buyers were slowly gaining strength and that SOL was registering demand.

A bullish divergence is related to positive price action. Similarly, the price of Solana was above the 20-Simple Moving Average line; this sign means that the buyers were driving the price momentum in the market.

Solana noted buy signal on the one-day chart | Source: SOLUSD on TradingView

Of the increase in buyers, the altcoin registered a buy signal on the one-day chart. The Moving Average Convergence Divergence underwent a bullish crossover and formed green histograms, which were a buy signal for SOL. Buyers could profit in a shorter time frame.

The Chaikin Money Flow indicates the capital inflows and outflows; although CMF was above the half-line, there was a significant decline in capital inflows at press time. For Solana to continue to make gains, the asset has to trade above the $14.20 price mark.

Featured image from Solana, Chart: TradingView.com

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SHIB Falls From 10th Spot As Whales Move To Other Crypto Assets

As investors look to consolidate profitable positions, big moves are being made in the crypto market, and recently top Ethereum whales have switched their assets from SHIB to other coins.

This move has removed the popular meme coin from their list of top ten assets. Shiba Inu is also feeling the effects of the recent downturn in prices. Investors’ faith in crypto is low due to the FTX crash. However, some investors are still optimistic about the rise of crypto with more adoption and utilization.

Vital data from WhaleStats reveal that the top 100 whales on the Ethereum blockchain have switched allegiances from the SHIB coin.

This move makes crypto observers wonder if there is any hope left for the token. The recent hack and subsequent theft of Ethereum tokens from FTX might also have a part to play in this decision.

SHIB Setting A stage For Bull Run

Shiba Inu showed signs of life jumping by 5.94% in the last 24 hours. The price of the token moved from $0.00000935 to $0.00000990. SHIB displayed a long green hourly candle.

It represents a surge from the price levels maintained since November 22, when the price was at the $0.00000821 level. SHIB’s price has increased, posting a gain of up to 20% on the former price.

In seven days, Shiba Inu has risen to 8.38% showing signs of a positive trend. However, it is still 88.91% below the all-time high of $0.00008845 achieved on October 28, 2021. Whales dump SHIB Holdings However – It Is Still Relevant To Investors.

SHIB price currently displays a loss on the chart l SHIBUSDT on Tradingview.com

According to WhaleStats, the past weekend had whales dropping SHIB from their list of top 10 assets. Whales have now shifted their attention to other altcoins like MANA and stETH.

These two assets are top of the list and where the holding volume among the whales is much. Also on the top ten list are ANT, ENJ, UTK, CVC, TKN, DAWN, and SNT.

SHIB is also not available on the top twenty list held by the whales. In contrast, the rich list on the WhaleStats platform shows that the largest Ethereum Investors still have Shiba Inu holdings.

The top whale on this list holds an enormous 18,113,302,000,496 SHIB worth $178,053,759. Other ETH whales possess around $100 million worth of SHIB or less.

The top ten whales behind the largest – ETH whale hold; between $98 – $100 million worth of SHIB tokens each. It means that each wallet holds around 10,000,000,000,008 SHIB.

The statistics show that all is not lost for Shiba Inu since investors still regard it as a store of value. The total number of SHIB holders is currently at 1,255,976.

Featured Image From Pixabay, Charts From Tradingview.com

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Quant Shows Potential For Surge Beyond $150 – Can QNT Hit Its Target?

Quant (QNT), a cryptocurrency with a total market cap of $1.88 billion, is outperforming some of the more popular altcoins out there, going up by 10% during the last seven days.

According to latest tracking from Coingecko, at the time of this writing, the altcoin is changing hands at $129.88 and is in the midst of a 22.5% increase over the previous two weeks.

At a glance:

• Quant has established important support zones of $111.5 and $100
• QNT may soon test the $157 resistance territory
• The altcoin is enjoying a weekly gain of 10%

Prior to the crypto market woes that were brought about by the collapse of the FTX exchange platform, the digital asset was enjoying a good run above the $160 region.

After the exchange imploded, QNT was hit very hard, diving all the way down to $95.28 on November 14. Since then, the digital coin has done a great job of bouncing back to reclaim and sustain the $100 territory.

Over the last few days, Quant’s price action formed an ascending triangle pattern which indicates more bullish activity from the 30th largest cryptocurrency in terms of overall valuation.

A Possible Push Beyond $150 Zone For QNT

With its Relative Strength Index (RSI) positioned above the neutral zone, there is indeed a positive outlook for the trajectory of Quant price.

Source: TradingView

On three different occasions, QNT has already tested its support and resistance trendlines of $128-$125, indicating that traders have active participation for the asset’s technical set-up.

The asset, on December 2, made a decisive push beyond the set resistance neckline of $128, triggering the bullish run that comes with its current price action pattern.

Combining with the definitive increase in QNT trading volume, this momentum is expected to kickstart a strong surge of 18.5% to catapult the asset all the way up to the $155 resistance region.

Traders and those who are considering buying right now, however, need to keep a close eye on the altcoin as the bullish thesis will be nullified in the event of a price dump that pulls Quant below its support zones of $111.5 and $100.

Worst Case Scenario For Quant

Should the digital coin fail to capitalize on its current momentum and do fall below the crucial support territory, Coincodex predicts a sharp decline for its trading price.

If this unfolds, within the next five days, Quant will most likely decrease its value by almost 27% to change hands at $95.77.

Meanwhile, after such price dump, the asset is seen to once again mount a recovery to trim its losses. The online crypto information provider predicts that during the next 30 days, QNT will possess a trading price of $101.58

QNT total market cap at $1.5 billion on the daily chart | Featured image: Motivation Grid, Chart: TradingView.com

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Litecoin Price Prediction: Why LTC’s Rally is Far From Over

Litecoin price started a strong increase above the $70 resistance against the US Dollar. LTC is currently consolidating and might aim more upsides above $85.

• Litecoin started a strong increase above the $65 and $70 levels against the US Dollar.
• The price is now trading above $70 and the 100 simple moving average (4-hours).
• There is a major bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
• The price must clear the $83.20 and $84.65 to start another increase in the near term.

Litecoin Price Continues To Outperform

In the past few days, litecoin price started a steady increase above the $60 level against the US Dollar. LTC price was able to clear the $65 and $70 resistance levels to move into a bullish zone.

The bulls even pumped the price above the $80 level, outperforming both bitcoin and ethereum. However, the price faced sellers near the $85 zone. A high was formed near $85.08 and the price is now consolidating gains.

Litecoin price is now trading above $70 and the 100 simple moving average (4-hours). There was a minor decline below the 23.6% Fib retracement level of the upward move from the $70.57 swing low to $85.08 high. Besides, there is a major bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair.

Source: LTCUSD on TradingView.com

On the upside, an immediate resistance is near the $82.00 level. The first major resistance is near the $83.20 level. The main resistance is near $85. If there is a clear break above the $85 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $92 and $95 levels. Any more gains might send ltc price towards the $100 resistance zone.

Dips Supported in LTC?

If Litecoin price fails to clear the $82.00 resistance level, there could be a downside correction. An initial support on the downside is near the $80 level.

The first major support is forming near the $77.80 level. The stated level is near the 50% Fib retracement level of the upward move from the $70.57 swing low to $85.08 high. Any further losses may perhaps send the price towards the $74 support in the coming sessions.

Technical indicators:

4-hours MACD – The MACD is slowly losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.

Major Support Levels – $78.00 followed by $74.00.

Major Resistance Levels – $82.50 and $85.00.

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Bitcoin Kicks Off Week Above $17,000, Market Sentiment Turns Optimistic

Bitcoin is seeing some green during this week’s market opening and seems poised to reclaim higher levels in the short term. The number one crypto by market cap experienced some of its worst months in history, but the bulls were able to hold the line at around $15,500. 

Now, the macroeconomic outlook is changing and could start supporting further profits for risk-on assets. As of this writing, Bitcoin trades at $17,200 with 2% and 5% profits in the last 24 hours and seven days, respectively. 

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Bitcoin Market Is Getting Back To Normal

Data from crypto derivatives exchange Deribit indicates a shift in market sentiment. Participants are more optimistic about Bitcoin after the collapse of the crypto exchange FTX and the fall from the grace of its co-founder and former CEO Sam Bankman-Fried. 

This event pushed Bitcoin to a new yearly low and back to its 2020 levels. As seen in the chart below, the BTC Open Interest Weighted Annualized Basis shows that the prices of options contracts were in backwardation. 

In other words, options were cheaper than their underlying asset, Bitcoin, following the FTX collapse. The last time BTC saw similar backwardation was in July 2021, during the second capitulation event that triggered a 40% crash in the crypto market. 

However, the chart shows that in July 2021, market sentiment and backwardation were far from their November 2022 levels. In addition, the chart shows that the heavy selling triggered by recent events is decreasing, and the crypto market is normalizing. Deribit stated:

In July 21, the whole curve didn’t invert as the longer-dated contracts still traded at a premium. Since 8 November this year, we however see the whole curve trading below spot.

Source: Deribit

BTC’s Price Short-Term Rally Is More Likely

Paired with the above, Deribit claims the BTC 25 put skew, a metric used to gauge market sentiment by looking at the demand for put (sell) options contracts, and their implied volatility is also on the decline. Puts were expensive during the FTX fallout but are returning to their “normal” levels. Deribit said:

A drop in 1 Month Skew indicates the shorter-dated out the money calls are getting more expensive relative to the out the money puts.

In other words, market participants are buying more calls (buy) contracts. These options have a short-term expiration date. Thus, people might be gearing up for a Christmas or end-of-the-year rally. 

As NewsBTC reported, the max pain point, the strike price at which a large portion of the contract will expire worthless, stands at $20,000. 

BTC Options’ Open Interest for the December 30th expiry. Source: Deribit

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Metaverse Token Axie Infinity (AXS) Suddenly Pumps 25% – What’s Happening?

AXS, the native token of Axie Infinity, has seen its price jump in recent hours. The project is a blockchain-based game metaverse in which players collect and breed digital pets called Axies that they can be used in a turn-based card game.

At one point, AXS rose to $8.82 after trading as low as $6.41 yesterday and has seen a 28% rally in recent hours. At press time, AXS was at $8.14, still recording a price pump of about 20% over the last 24 hours.

Over the last seven days, it’s up 25%. Today’s gain is accompanied by a massive surge in trading volume, which has grown to $295 million over the past 24 hours, up 750% from the day before.

Currently, Axie Infinity (AXS) has risen to the 52nd largest cryptocurrency with a market cap of nearly $812 million.

However, despite the massive pump, AXS is still one of the biggest losers of the bear market. AXS’ all-time high stand at $164.90 and was reached in November 2021. This represents a whopping 95% loss in value.

A look at the 1-day chart reveals that Axie Infinity has still not been able to break out of its downtrend channel. For this, a break above $9.00 would be required. If it fails, AXS would continue to move in bearish territory despite the recent pump.

AXS price still caught in a downtrend channel, 1-day chart Source: TradingView

Fundamentals Of Axie Infinity Look Weak

Meanwhile, the fundamentals for Axie Infinity continue to look less than rosy. According to the data platform CryptoSlam, the sales volume of Axie Infinity has shrunk massively since the peak on November 3, 2021 at $40.8 million.

Since May, volume has been bobbing around below $500,000, though it was still close to $100,000 at the end of October. Yesterday, December 4, it was only $19,500.

Axie Infinity sales volume data. Source: Cryptoslam

On Its Way To Decentralization

So what is driving the AXS pump? One reason could be the impending decentralization of the project.

The team published a blog post today. In it, they shared that a group of over 700 invested and influential community members have come together to shape the future of Axie Infinity.

The Lunacian: Axie Contributor Initiative Kickoff! https://t.co/Yjs9njT5Rv

— Axie Infinity | #AxieOrigins (@AxieInfinity) December 5, 2022

The team said it wants to actively work toward an end state. In this state, “invested” community members are responsible for making decisions about resourcing the Axie Infinity ecosystem.

Currently, the project is still in the initial decentralization phase. However, important progress has been made recently as part of a step-by-step strategy, the blog post states.

As progress is made on the decentralization continuum, actions like council formation, resource allocation, on-chain voting, and treasury activation will be unlocked.

The ultimate goal is to give the collective the responsibility to advance self-organization. To this end, a collective of established community members of Axie Infinity, the “town builders,” was formed back in May.

In July, they decided to bring in a number of contributor electors to play a critical role in an initial pilot program for contributors.

In August, the town builders and contributor electors distributed applications for the contributors program. Each proposal submitted hundreds of applications.

After being elected town builders by the founding town builder team, the first 700 community members were selected today to participate in the first pilot “season” of Axie Contributors.

They will contribute to a newly created governance area on Axie Infinity’s Discord.

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