{"id":536484,"date":"2023-06-05T19:00:51","date_gmt":"2023-06-05T19:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=536484"},"modified":"2024-06-11T08:06:38","modified_gmt":"2024-06-11T08:06:38","slug":"bitcoin-current-position-sensitive-glassnode-explains-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-current-position-sensitive-glassnode-explains-why\/","title":{"rendered":"Bitcoin Current Position Is Sensitive, Glassnode Explains Why"},"content":{"rendered":"

Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here\u2019s what this means.<\/span><\/p>\n

780,000 BTC Was Acquired Near The Current Spot Prices<\/span><\/h2>\n

According to data from the on-chain analytics firm <\/span>Glassnode<\/span><\/a>, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset.<\/span><\/p>\n

The relevant indicator here is the \u201centity-adjusted UTXO <\/span>Realized Price<\/span><\/a> Distribution (URPD),\u201d which, in simple terms, tells us about how the cost basis of the investors is distributed right now.<\/span><\/p>\n

The <\/span>cost basis<\/span><\/a> here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders.<\/span><\/p>\n

Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an \u201centity\u201d refers to a collection of addresses that Glassnode has identified to belong to the same holder).<\/span><\/p>\n

Naturally, this adjustment has been made because any movement between the addresses of the same entity would otherwise count as a sale. Thus, a fresh cost basis would be given to the investor (when in reality, it wouldn\u2019t be so).<\/span><\/p>\n

Related Reading: Bloomberg\u2019s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin<\/a><\/div>\n

Now, here is a chart that shows what the URPD in the Bitcoin market looks like right now:<\/span><\/p>\n

\"Bitcoin<\/p>\n

Looks like the levels around the current price have a large amount of coins concentrated | Source: <\/span>Glassnode on Twitter<\/span><\/a><\/pre>\n
As highlighted in the above graph, the levels around the current spot price of the cryptocurrency seem to be the largest center of cost basis in the market right now. <\/span><\/p>\n
In total, 780,000 tokens were purchased at these prices, which amount to around 4.6% of the entire circulating supply of the cryptocurrency. <\/span>Because of this reason, the current price range that Bitcoin is trading in might be crucial for where the asset could go from here.<\/span><\/p>\n
Related Reading: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K<\/a><\/div>\n
\u201cWith such large swathes of Bitcoin concentrated within a tight price range, a move in either direction would send a significant amount of coins into a position of profit or loss, highlighting the acute sensitivity of our current position,\u201d explains Glassnode.<\/span><\/p>\n
Major cost basis centers have historically played a notable role in the market<\/a> because they act as important psychological levels. During bearish trends, investors prefer to sell when the prices fall to their cost basis, as they want to avoid getting into a loss. <\/span>Similarly, holders prefer to buy more at their cost basis during bullish trends, considering it a profitable buying opportunity.<\/span><\/p>\n
It remains to be seen how the market will respond to the current situation in the coming days.<\/span><\/p>\n
BTC Price<\/span><\/h2>\n
At the time of writing, Bitcoin is trading around $26,000, down 5% in the last week.<\/span><\/p>\n
\"Bitcoin<\/p>\n
The value of the asset seems to have plunged down during the past day or so | Source: <\/span>BTCUSD on TradingView<\/span><\/a><\/pre>\n
Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here\u2019s what this means. 780,000 BTC Was Acquired Near The Current Spot Prices According to data from the on-chain analytics firm Glassnode, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset. The relevant indicator here is the \u201centity-adjusted UTXO Realized Price Distribution (URPD),\u201d which, in simple terms, tells us about how the cost basis of the investors is distributed right now. The cost basis here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders. Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an \u201centity\u201d refers to a collection of addresses that Glassnode has identified to belong to the same holder). Naturally, this adjustment has been made because any movement between the addresses of the same entity would otherwise count as a sale. Thus, a fresh cost basis would be given to the investor (when in reality, it wouldn\u2019t be so). Related Reading: Bloomberg\u2019s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin Now, here is a chart that shows what the URPD in the Bitcoin market looks like right now: Looks like the levels around the current price have a large amount of coins concentrated | Source: Glassnode on Twitter As highlighted in the above graph, the levels around the current spot price of the cryptocurrency seem to be the largest center of cost basis in the market right now. In total, 780,000 tokens were purchased at these prices, which amount to around 4.6% of the entire circulating supply of the cryptocurrency. Because of this reason, the current price range that Bitcoin is trading in might be crucial for where the asset could go from here. Related Reading: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K \u201cWith such large swathes of Bitcoin concentrated within a tight price range, a move in either direction would send a significant amount of coins into a position of profit or loss, highlighting the acute sensitivity of our current position,\u201d explains Glassnode. Major cost basis centers have historically played a notable role in the market because they act as important psychological levels. During bearish trends, investors prefer to sell when the prices fall to their cost basis, as they want to avoid getting into a loss. Similarly, holders prefer to buy more at their cost basis during bullish trends, considering it a profitable buying opportunity. It remains to be seen how the market will respond to the current situation in the coming days. BTC Price At the time of writing, Bitcoin is trading around $26,000, down 5% in the last week. The value of the asset seems to have plunged down during the past day or so | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":536489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87431,88375,1119,1144,61309],"class_list":["post-536484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cost-basis","tag-bitcoin-urpd","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Current Position Is Sensitive, Glassnode Explains Why<\/title>\n<meta name=\"description\" content=\"Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large amount of coins lies. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Current Position Is Sensitive, Glassnode Explains Why","url":"http:\/\/wncen.com\/news\/bitcoin-current-position-sensitive-glassnode-explains-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-current-position-sensitive-glassnode-explains-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/thought-catalog-I0TDRP0fj6Y-unsplash-2-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/thought-catalog-I0TDRP0fj6Y-unsplash-2-1-scaled.jpg?fit=2560%2C1918"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin cost-basis","bitcoin urpd","btc","btcusd","glassnode"],"dateCreated":"2023-06-05T19:00:51Z","datePublished":"2023-06-05T19:00:51Z","dateModified":"2024-06-11T08:06:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Current Position Is Sensitive, Glassnode Explains Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-current-position-sensitive-glassnode-explains-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-current-position-sensitive-glassnode-explains-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thought-catalog-I0TDRP0fj6Y-unsplash-2-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thought-catalog-I0TDRP0fj6Y-unsplash-2-1-scaled.jpg?fit=2560%2C1918\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin cost-basis\",\"bitcoin urpd\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2023-06-05T19:00:51Z\",\"datePublished\":\"2023-06-05T19:00:51Z\",\"dateModified\":\"2024-06-11T08:06:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/thought-catalog-I0TDRP0fj6Y-unsplash-2-1-scaled.jpg?fit=2560%2C1918","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536484"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=536484"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/536489"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=536484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=536484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=536484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}