BTC and ETH found a short-term bottom during the Asia session after hitting a block of bids around $44K. But the market has been pretty choppy since then. SOL, LUNA, and AR are the biggest winners today. All three coins set fresh ATHs with high-volume moves.
On-Chain Positioning Suggests Continuation
After a period of consolidation at a key support level, BTC has bounced hard in recent weeks. BTC is still up over 4x versus a year ago, which means the majority of HODL-ers and long-term investors are still in profit.
The recent move down did wipe out a lot of investors, but most of this was in the derivatives market. There wasn’t a ton of spot capitulation, so the percentage of holders in profit on spot BTC holdings didn’t budge much.
As we can see from previous cycles, BTC can remain at a high level of holdings in profit for months at a time. There are pullbacks during the trend that wipe out over-leveraged participants and shake out f