📉ONCHAIN ANALYSIS OF $BTC

Bitcoin holders are starting to sweat

For the first time since October 2023, BTC holders are recording more losses than gains. And we're not talking about a few loose coins... since December 23, realized losses of ~69,000 BTC have accumulated.

💸 The most curious thing is that this hasn't come from a single blow. The momentum of the gains has been losing strength since 2024 began. Every time the price went up, holders took less advantage to cash out. As if Bitcoin were rising, but confidence was falling.

📊 In numbers: annual net gains have fallen to 2.5M BTC, well below the 4.4M in October. A drop like this hasn't been seen since early 2022… just when the market was starting to enter crypto winter mode.

📉 What does this mean? That the dynamics of on-chain gains resemble more of an early bearish stage than a solid bullish trend. Like when you go out for a run thinking you're fit, and within 5 minutes you're already gasping.

Source: CryptoQuant.