Glassnode data says that the Bitcoin selling pressure from the holders is lowest since November, and it ultimately means that the holders are not willing to sell at the current price. As the BTC Stablecoin Supply Ratio is at an all-time low, let’s discuss further how it may be a good sign for BTC.
Glassnode Data Reveals Bitcoin Selling Pressure at Significant Lows
The CEO of Moskovski Capital has recently shared a chart from the Glassnode analytics team, and it shows that the red selling zone is the smallest since November of the last year when the green signal changed to red. The selling pressure has dropped immensely from bitcoin holders, as suggested by the Glassnode data.
Later in January, massive sell-offs broke out and as a reminder, back then on January 10 Bitcoin spiked to the level of $41K for the first time.
In addition to this, it should be noted that in November, when the selling had only just begun, BTC surpassed the mark of $15K.
As the selling pressure has witnessed a huge relief since the fall of the year 2020, it has been assumed by Lex Moskovski that the holders are not willing to dump their Bitcoin at the current prices and sees this as a bullish sign.
If the selling pressure is low, then there are high chances of the price of the asset going up as it will grab the interest of the investors
BTC Stablecoin Supply Ratio Hits All-Time Low
Glassnode announced in another tweet that the BTC Stablecoin Supply Ratio has plunged to a historic low of 6.861.
Along with this, the metric shows the buying power of stablecoins relative to Bitcoin and in case it plunges, the present stable coin supply would have greater buying power for the flagship digital currency.