Are We Out Of The Bears Yet As Glassnode Takes A Critical Look At The On Chain Signals

The financial institution glassnode is taking a critical look at the on chain signals which suggest that bitcoin is out of the bearish market, in a report which they talk about three of these indicators that suggest so one of these indicators is the stable coin supply ratio, the SSR is said to track the rotation of capital by investors between stable coins and bitcoin.

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It’s been observed that investors are taking advantage of the bitcoin bear movement to make purchases of the digital asset using stable coins. In a brief note which was given they said that;
Currently, we note a significant transfer of capital to the Bitcoin asset, akin to the twilight of the 2018 bear market and the 2021 rounded top.

The second indicator which was talked about was the RPV profits to value ratio, which they made comparison with the lows of precedent years as regards profit taking in the market. They say presently it has reached a point of recovery, in their words it’s stated that;
The RPV ratio collapsed to prior cycle lows, suggesting much of the exuberance from the bull has been flushed out.

And lastly in the FTX collapse which they say that the amount of bitcoin held in a loss which indicates that the supply in loss metric has been reached. Since then the market lows set during the FTX collapse, a total of 4.283 million BTC have returned to an unrealized profit.
This provides an indication of the volume of Bitcoin that has transacted, and changed hands between $15,500 and $22,300.

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