Bitcoin Investor Sentiment Shifting Towards the Negative: Glassnode

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day with almost all short term Bitcoin holders now under water on their position, investor sentiment has shifted towards the negative. That's according to glass. No data, the realized Hoddle ratio or the R Hoddle tracks, the balance of invested wealth held within recently moved coins and more mature toddlers. By this measure, there appears to be a positive but low momentum influx of new capital and investors into the crypto market so far this year. Likewise another metric that gauges the tides of shifting sentiment for new investors constructed by looking at the deviation between the cost basis of two subgroups holders and spenders suggests a degree of panic and negative sentiment has taken hold in the near term glass note says the data suggests a degree of panic dominating short term holders which is the first time since the FTX collapse. They add that several metrics suggests 2023 has seen a positive but low momentum influx of new capital and new investors which speaks to the persistent uncertainty from macroeconomic conditions and regulatory pressures. The largest Cryptocurrency by market cap is trading around $27,100 up around 4% over the past week. That's it for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.