Analysis: Short-term Bitcoin holders are at a loss, and the market remains in risk aversion

Mars Finance News, on April 18, according to Cointelegraph, Bitcoin's realized market capitalization reached $87.2 billion, hitting a new historical high. However, glassnode's data shows that investors' enthusiasm for the current Bitcoin price level remains insufficient. It indicates that although the realized market cap has reached a new historical high, the monthly growth rate has dropped to 0.9%, showing that the market is in a "risk-averse" sentiment. The realized market cap measures the total value of all Bitcoin calculated at the price of their last transfer, reflecting the actual invested capital scale, and can be used to observe Bitcoin's economic activity. Its slowing growth indicates that capital inflow is still positive but has significantly decreased, suggesting a decline in new investors or reduced activity of existing holders. Additionally, glassnode's realized profit and loss chart recently experienced a significant 40% drop, indicating widespread profit-taking or stop-loss behaviors in the market. The ratio of market value to realized value for short-term Bitcoin holders remains below 1, a level historically associated with buying opportunities, further proving that short-term holders are in a loss-making state.