Pray tell, dear reader, what folly hath befallen the realm of Bitcoin! The price, it seems, is destined for a most trying path, forsooth, as long as those venerable long-term holders persist in their profit-taking endeavors. 🧐
The esteemed analyst, Mr. James Check, did proclaim on the Sabbath that the failure of the crypto markets to recover was not owing to manipulation, nor paper Bitcoin, nor suppression, but rather to “good old-fashioned sellers.” How quaint! 🛒
Mr. Check further observed, with a touch of wit, that the sheer volume of sell-side pressure from existing Bitcoin (BTC) holders is yet to be fully appreciated by the masses. “The source of resistance,” he declared, with a flourish of his quill. ✒️
He did share a chart, most enlightening, showing that the average age of spent coins hath drifted higher throughout the cycle, indicating that these long-term holders are indeed the culprits behind the selling. 📈
Another chart, equally revealing, showed that realized profit had spiked to a staggering $1.7 billion per day, while realized losses climbed to $430 million per day, the third highest level this cycle. Oh, the drama of it all! 💸
Meanwhile, the “revived supply” from older coins reached its second-highest level at $2.9 billion per day. What a spectacle! 🌪️
Bitcoin OGs: Cashing In Their Chips
The astute crypto investor, Mr. Will Clemente, did opine that “the last year of relative weakness for BTC hath mostly been a transfer of supply from OGs to TradFi,” a phenomenon observable in onchain data. 🕵️♂️
“This dynamic shall be of little consequence in the coming years, just as everyone is fixated on BTC’s relative weakness.”
Mr. Mike Novogratz, CEO of Galaxy Digital, did echo this sentiment in a recent interview with Mr. Raoul Pal. “There are a great many souls in the Bitcoin world who have ridden this wave for so long and finally declared, ‘I wish to purchase something of substance,’” he remarked, citing acquaintances who acquired a yacht and a portion of a sports team. ⛵🏟️
“People trimming their holdings, for they have had a splendid run, and we are merely digesting this turnover.”
Mr. Novogratz did confirm that the only supply his firm hath encountered is from “old OGs” and miners. 🧓⛏️
Weekly Close: Holding the Fort
Bitcoin hath maintained its support with a weekly closing candle at $108,700, according to TradingView. “Continued steadfastness here could see the price rally to $120k+ in due course. Stability is the key,” declared the analyst ‘Rekt Capital’ on the Sabbath. 🛡️
The asset had reclaimed $110,000 at the time of this missive, yet it faces further resistance just above this level. Oh, the trials and tribulations of the crypto world! 🚀
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2025-10-20 09:07