Short-Term Bitcoin Holders’ Unrealized Profit Margin Near Zero
Firstly, the behavior of short-term holders (STH) is a crucial indicator. Their unrealized profit margin is nearly negligible right now. However, historically, market bottoms tend to occur when the STH profit margin reaches around -10%. According to CryptoQuant, the current support level ranges from $37,000 to $39,000 USD. This data suggests that the market has the potential to stabilize soon.
GRAYSCALE’S SELLING PRESSURE CONTINUES TO DECREASE
Furthermore, there is notable growth in the total amount of Bitcoin held in U.S. Bitcoin ETF spot funds. Despite the outflow from GBTC, other ETF funds currently hold approximately 104,000 BTC.
Since their launch on January 11th, the total holdings in U.S. ETF funds have reached 641,000 BTC, including 537,000 BTC held by GBTC. This is down from the initial 619,000 BTC when these ETFs were first introduced. The reduction in GBTC’s holdings to 537,000 BTC, a decrease of 82,000 BTC, has had an impact on the current market price.
Finally, the selling pressure from GBTC has slowed down. Research data from BitMEX indicates that the outflow from GBTC was $429 million on January 24th, marking the lowest daily outflow since GBTC transitioned into a Bitcoin ETF spot on January 11th. This outflow is also 33% lower compared to January 22nd.