Analysis: Bitcoin short-term holders are in the red, and the market is still in a risk-off mood

BlockBeats News: On April 18, Cointelegraph reported that Bitcoin's realized cap reached a record high of $872 billion. However, data from Glassnode shows that investors' enthusiasm for the current price level of Bitcoin is still insufficient. He said that despite achieving a record market capitalization, the monthly growth rate of the indicator has fallen to 0.9%, indicating that the market is in a "risk aversion" mood. Realized market capitalization measures the total value of all bitcoins at their last price at the time of their last transfer, reflects the size of the capital actually invested, and can be used to observe the economic activity of bitcoins. The slowdown in growth suggests that inflows are still positive but have decreased significantly, suggesting a decline in the number of new investors or a weakening of activity among existing holders. In addition, Glassnode's Realized Profit and Loss chart has seen a recent 40% decline, suggesting a lot of profit-taking or stop-loss behavior in the market. The ratio of market value to actual value for short-term holders of Bitcoin is still below 1, a level that has historically correlated with buying opportunities, providing further evidence that short-term holders are in the red.