Glassnode’s post implies that some Bitcoin holders are selling, regardless of how long they have held onto the coin. This explains the current sell-off in the broader cryptocurrency market, a shift from the trend in December 2024, when the market experienced net accumulation.
Analysts consider this a bearish sentiment as more investors seek to lock in profits. This could signal a downturn in the market that might extend the current price slump.
As of this writing, Bitcoin is exchanging hands at $95,248.89, representing a 4.68% decline in the last 24 hours. The trading volume has registered an uptick of 46.66% to $69.99 billion, signaling increased activity on the market.
Kiyosaki also highlighted the decreasing volume of Bitcoin left to be mined as less than two million. This emphasizes the need for investors to accumulate the asset now that the price has experienced a temporary decline.
However, a Bitcoin critic, Peter Schiff, holds a different perspective on Bitcoin’s price action. He foresees a crash soon after buyers realize the U.S. government will not buy the coin.
This article was originally published on U.Today
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