Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	590,415,106	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

590,415,106

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.020	-3.80%	0.506	0.503	0.504

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.020

-3.80%

0.506

0.503

0.504

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.528	0.500	0.525	0.526	0.329000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.528

0.500

0.525

0.526

0.329000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:48:33	206.58	0.506	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:48:33

206.58

0.506

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,333,487.19	4,408,328.21	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,333,487.19

4,408,328.21

Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals

17/08/2024 2:00pm

NEWSBTC

Following a tumultuous start to the month, the cryptocurrency market has yet to shake off the early August blues. The story has not been very much different for the price of Bitcoin, which struggled to make an impact in the past week. With BTC’s price almost 20% adrift of its all-time high of $73.737, there have been increased calls for the premier cryptocurrency to return to the bull market. Interestingly, a recent on-chain observation shows that Bitcoin has witnessed substantial bearish pressure in the past two years. Bitcoin Spot CVD Persists In The Negative — What Does This Mean? In a recent post on the X platform, blockchain data company Glassnode revealed that the Bitcoin spot market has been experiencing a net-sell side bias over the past two years. This on-chain observation is based on the Spot Cumulative Volume Delta (CVD) indicator, which measures the net difference between buying and selling trade volumes. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? The Spot CVD metric is used by investors to assess the current market sentiment. It offers detailed insight into whether the bulls or bears are the dominant market participants. Typically, a positive Cumulative Volume Delta value implies more buying pressure in the market, while a negative value suggests that the sellers are in control. According to the latest data from Glassnode, the yearly median CVD value has been bouncing between -$22 million and -$50 million over the past two years. This trend suggests a net sell-side bias, with selling volume overshadowing buying volume in the spot market for some time now. While the persistence of a net-sell side bias suggests investors offloading their coins rather than accumulating, it does not necessarily imply a bearish condition for the Bitcoin market. It rather spotlights a cautious approach by the investors, with an overall decline in spot demand of BTC. Although it is difficult to say how the spot Cumulative Volume Delta will shift over the coming months, the metric is one that investors should look out for. This is especially relevant because a return of CVD to positive values could signal an increase in Bitcoin spot market demand, which could be favorable for the Bitcoin price. BTC Price At A Glance As of this writing, the price of Bitcoin is slightly above the $59,000 mark, having increased by more than 2.5% in the past 24 hours. This recent momentum, though, is not enough to wipe off the coin’s loss on the weekly timeframe. According to data from CoinGecko, the Bitcoin price is down by more than 2% in the past week. Related Reading: Cardano Sees Massive 150% Volume Surge, Yet ADA Price Stalls With 4% Decline Featured image from iStock, chart from TradingView

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