Crypto Market Commentary from On-Chain Data Platform Glassnode

According to the analysis of On-chain data platform Glassnode, a Swiss-based organization that presents the transaction data of blockchain and cryptocurrencies with graphs; Cryptocurrency leader Bitcoin (BTC) showed one of the worst monthly performances in history last month, while BTC "tourists" were cleared from the market and only Hodlers remained in the market.

In its report recorded this week, Glassnode stated that Bitcoin's 37.9% drop in June was one of the worst monthly performances in the last 11 years, and that this sharp decline can be compared to the 2011 bear market when BTC was $10. In the published report, Glassnode described short-term Bitcoin investors as "tourists", noting that Bitcoin "tourists" left the market with the decline, while HODLing investors remained. (Hodler: people who hold cryptocurrencies instead of selling them in a falling market). Stating that on-chain data shows a typical bear market, Glasnode added that the activity on the BTC network is at the same level as the bear market in 2018 and 2019 and said: "The Bitcoin network is approaching a situation where almost all speculative assets and market tourists are completely purged from the asset. Highlighting the significant accumulation levels, Glasnode emphasized that addresses holding less than 1 BTC and holding between 1,000 and 5,000 BTC have "meaningfully increased" despite the near-complete purge of Bitcoin "tourists". Glasnode pointed out that "Bitcoin addresses with a non-zero balance" have reached a new all-time high (ATH) and currently hover above 42.3 million. Source: Koinbülteni The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content, comments and recommendations contained herein, which are in no way directive in nature, are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.