Bears’ waning influence on BTC price as Bitcoin absorbs over $100M in ‘sell-side days’

Bitcoin sellers have been unable to trigger a significant market correction in the current cycle, according to a recent analysis. The pseudonymous lead on-chain analyst at Glassnode, known as Checkmate, highlighted that BTC price drawdowns have only reached a maximum of 20%. This is in stark contrast to previous bull markets, where pullbacks of over 50% occurred. Checkmate acknowledged that while history suggests a market correction is likely, it is surprising that one has not already taken place. The introduction of US spot Bitcoin exchange-traded funds (ETFs) has had a significant impact on market dynamics, with over 500,000 BTC being purchased since their launch in January. This, combined with low BTC balances on exchanges, has fueled optimism for a return to price discovery. However, experts caution that investors should consider the overall picture and be aware of the potential risks involved in investing in Bitcoin.