Glassnode noted that with ETF inflows weakening and volatility spiking, the market is in a “reset phase” and that its recovery hinges on renewed demand.
Bitcoin (BTC), Ethereum (ETH), and the overall cryptocurrency market continued to pull back in early morning trade on Thursday amid a deepening market contraction.
Add Asianet Newsable as a Preferred Source
Bitcoin’s price edged 0.7% lower in the last 24 hours, according to CoinGecko data. On Stocktwits, it was among the top trending cryptocurrency tickers at the time of writing. Platform data showed retail sentiment around Bitcoin continued to trend in ‘bullish’ territory, accompanied by ‘high’ levels of chatter.
According to a report by on-chain data firm Glassnode, long-term holders are reducing their exposure and taking profits, which is limiting upside momentum for the world’s largest cryptocurrency.
It noted that supply held by long-term investors has declined by roughly 300,000 BTC since July, highlighting it as a sign that “seasoned holders are distributing coins into strength,” which has historically preceded prolonged mid- to long-term corrections.
“Without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range,” Glassnode said. “With ETF inflows weakening and volatility spiking, the market is in a reset phase, characterized by flushed leverage, cautious sentiment, and recovery hinging on renewed demand.”
Leading altcoins Ethereum (ETH), Solana (SOL), and Ripple’s native token XRP (XRP) were also in the red. Solana’s price fell 3.5% in the last 24 hours – the worst hit among the top 10 cryptocurrencies by market capitalization. On Stocktwits, retail sentiment around the token remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
Meanwhile, Ethereum’s price dropped 1.6% in the last 24 hours, with retail sentiment around the leading altcoin also in the ‘bullish’ zone, accompanied by ‘high’ levels of chatter. XRP’s price dipped 1.8% in the last 24 hours, with similar levels of sentiment and chatter.
The cryptocurrency selloff began after President Donald Trump reignited tariff tensions with China late last week, sparking panic selling that sent Bitcoin tumbling from above $122,000 to around $101,000 on Bitstamp within hours. Glassnode data showed that over 1.6 million traders were caught in the liquidation wave, with total forced sales exceeding $19 billion in 24 hours — the largest single-day wipeout on record, according to the firm.
The overall cryptocurrency market has declined by approximately 1% over the past 24 hours, reaching around $3.88 trillion. According to CoinGlass data, over $500 million has been liquidated during the same time span.
On the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 1.1% higher in pre-market trade. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) gained more than 1.5%. Crypto-exchange Coinbase (COIN) climbed 1.1%.
Read also: Bitfarms Slides On $300 Million Offering After Rallying To Near 4-Year High, Retail Buzz Stays Elevated
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read Full Article
Read more on Asianet News Network Pvt Ltd
