TechFlow to a report by CoinDesk on April 12, on-chain data shows that selling pressure on Bitcoin is gradually weakening, and the market may be approaching a stage of seller exhaustion.
According to CheckonChain data, realized Bitcoin losses are currently around $400 million per day, a significant drop from previous peaks. Previously, realized losses surged to approximately $2 billion per day on November 21st of last year and February 5th of this year, reaching multi-year highs and surpassing levels seen during the 2022 bear market. CheckonChain stated, "The spot market is shifting from aggressive selling to net buying pressure, with both realized profits and losses trending downwards."
Glassnode data also corroborates this trend. Based on a seven-day moving average, realized profits are approximately $300 million per day, near a twelve-month low, indicating that investors who accumulated positions around $60,000 are currently seeing small profits and are beginning to gradually take profits. Meanwhile, the realized profit/loss ratio has risen to 1.4, the highest level since January of this year, suggesting that current realized profits have exceeded realized losses.
After hitting a low of around $60,000 on February 5th of this year, Bitcoin has been consolidating for over two months, with the price gradually climbing towards the $70,000 range.
