Delphi Daily

Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Market Update

The market seems intent on ending June on a strong note, with BTC bouncing off range lows and up 4.5% on the day. Notably, ETH looks to be outperforming BTC again, with ETH/BTC up 12% over the last three days.

Speculators Capitulate on BTC

  • The relative P&L of speculators and long-term investors paints a vivid picture of the last month. Short-term speculators have been capitulating on their spot holdings at a loss, with a number of speculators exiting for a profit. The last two months have been disastrous for speculators between the exodus of leveraged longs in May and strong spot capitulation in June.
  • On the contrary, long-term holders have been overwhelmingly in profit with a very small percentage exiting for a loss this month.
  • Note that Glassnode categorizes long-term holders as UTXOs that have not moved coins for more than 155 days. Short term holders are UTXOs that moved coins within the last 155 days.

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