Glassnode | Crypto

A recent analysis shed light on another correlation between the world’s largest cryptocurrency and stablecoin by market capitalization. Blockchain analytics provider Glassnode reported a “strong negative correlation” between Bitcoin’s and USDt’s activity over the last two years. In a Wednesday X post, Glassnode shared a comparison between Bitcoin’s (BTC) price and net flows of USDt (USDT) to exchanges starting in December 2023. According to the analysis, net outflows of USDT from exchanges coincided with increases in the price of BTC. “During euphoric phases, USDT typically flows out at –$100M to –$200M/day as investors lock in profits,” said Glassnode. “At the $126K peak [in October], net outflows reached >$220M (30D-SMA); A clear profit-taking signal now easing as flows turn positive again.” Read more

Ethereum holders move and sell their coins far more than Bitcoin holders, according to a new report from Glassnode.

Glassnode says bitcoin’s breakout to record highs came on the back of $2.2 billion in ETF inflows and steady accumulation from smaller holders, not speculative hype.

Despite potential risks, Bitcoin is likely to continue rising this year, though the same can’t be said for the vast majority of altcoins, according to the latest report by Coinbase Institutional and Glassnode. The post BTC’s Upwards Trajectory is Unshaken, But Few Altcoins Will Perform Well – Coinbase and Glassnode appeared first on Cryptonews.

Glassnode lead analyst James Check has raised concerns over the longevity of the corporate Bitcoin treasury strategy. The post Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived appeared first on Cryptonews.

Bitcoin has surged to $104K, driven largely by spot market demand as derivatives activity declines, per Glassnode.