Bitcoin performance review: holding strong at roughly $30,000

Examining the impact of short-term holders and miners on Bitcoin's price stability

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

In the month of June, we observed the most profit-taking from Short-Term Holders (STHs) when Bitcoin's value touched $30,000.

This trend persisted throughout July due to the buying frenzy triggered by the FTX and SVB collapse. Currently, there is minimal profit-taking taking place from STHs.

Furthermore, in the recent month, we've noticed significant selling pressure from miners and other stakeholders.

Despite these dynamics, the fact that Bitcoin has maintained its $30,000 value is an extremely bullish sign, and miners are now net accumulators after a month of distribution.

STH: (Source: Glassnode)
STH: (Source: Glassnode)
Miners: (Source: Glassnode)
Miners: (Source: Glassnode)