Bitcoin retains over $100 million in ‘sell-side days’ as bears lose influence over BTC price

Bitcoin sellers have failed to trigger a significant market correction in the current cycle, according to a recent analysis. Glassnode’s lead on-chain analyst, known as Checkmate, highlighted that Bitcoin price drawdowns have not exceeded 20%. This is in stark contrast to previous bull markets, where pullbacks of over 50% were observed. Checkmate pointed out that while it’s uncertain whether a significant correction will occur this time, it is surprising that one hasn’t already happened. The introduction of US spot Bitcoin exchange-traded funds (ETFs) has brought about significant changes in the Bitcoin market, with over 500,000 BTC purchased since their launch. This, combined with low BTC balances on exchanges, has fueled optimism for a return to price discovery. However, experts caution against being overly optimistic, emphasizing the volatility and risks involved in investing in Bitcoin.