{"id":53839,"date":"2021-11-30T19:03:17","date_gmt":"2021-11-30T17:03:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53839"},"modified":"2025-09-03T17:12:54","modified_gmt":"2025-09-03T14:12:54","slug":"glassnode-analysts-assess-the-likelihood-of-bitcoins-continued-correction","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-analysts-assess-the-likelihood-of-bitcoins-continued-correction\/","title":{"rendered":"Glassnode analysts assess the likelihood of Bitcoin&#8217;s continued correction"},"content":{"rendered":"<p>The November correction in Bitcoin is unlikely to persist, given the high share of &#8220;profit-taking&#8221; coins and a balanced stance in the crypto-derivatives market. These conclusions appear in a Glassnode report.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Leverage across <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> derivatives markets reached ATHs this week, suggesting a squeeze in either direction may play out.<\/p>\n<p>Meanwhile short, and long-term holders own more profitable <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> supply than during September\u2019s dip.<\/p>\n<p>Read more in The Week Onchain<a href=\"https:\/\/t.co\/uHD3AEp6MA\">https:\/\/t.co\/uHD3AEp6MA<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1465364940202524678?ref_src=twsrc%5Etfw\">November 29, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The sharpest pullback this year occurred between May and July, when Bitcoin declined by 54%. In September the decline reached 37.2%. The January, February and April corrections at their peak were 24.2%. The current one barely surpassed 20%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-597-1024x589.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157610\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-597-1024x589.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-597-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-597-768x442.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-597-1536x884.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-597.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Open interest (OI) in Bitcoin options in October\u2013November ranged from $12 billion to $14 billion, before dipping to $10 billion after the November 26 expiration.<\/p>\n<p>In BTC terms, which isolates price movements, OI sits not far from the extremes above 400,000 BTC. Earlier, these levels signalled risks of liquidations.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-502-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157612\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-502-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-502-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-502-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-502-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-502.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Perpetual contract funding rates indicate only a slight tilt toward long positions. The indicator declined along with the price drop, signaling a more cautious mood among traders.<\/p>\n<p>Along with the correction, the number of open shorts could have risen, which in a high-leverage environment does not rule out liquidations of positions in both directions.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-304-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157614\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-304-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-304-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-304-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-304-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-304.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Analysts noted the increasing dominance of the <span data-descr=\"Chicago Mercantile Exchange\" class=\"old_tooltip\">CME<\/span> in the Bitcoin futures market. In terms of OI, the share of this regulated platform rose from 10% at the start of September to 19.3% currently. In terms of trading volume, CME&#8217;s share over this period increased from 1.4% to 6%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-190-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157615\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-190-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-190-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-190-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-190-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-190.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Over the past week Bitcoin tested the $53,500 level, which coincides with the price paid by short-term investors. Analysts noted that in 2017 a similar situation occurred, when the market repeatedly tested the price levels at which this category of buyers entered before a rebound.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-113-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157616\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-113-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-113-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-113-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-113-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-113.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Experts emphasised that the formation of a bottom is typically preceded by mass selling of coins by short-term investors realising losses.<\/p>\n<p>Earlier the daily losses of such investors rose to $800 million, which was characteristic of the April and July corrections, but smaller than in May. This does not rule out a continuation of the sell-off, but signals that many have already realised losses.<\/p>\n<p>A rise in the price will reduce the probability of a negative scenario. The key will be to keep quotes above the $53,000 level, the analysts added.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-84-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157617\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-84-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-84-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-84-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-84-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-84.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>According to calculations by the experts, long-term investors have 13.35 million BTC at their disposal. From the peak in November this group has disposed of 5.8% of the coins they acquired.<\/p>\n<p>The share of &#8220;loss-making&#8221; coins in the total holder supply stands at 5.8% (in October 9.65%), short-term investors \u2014 9.6% (12.3%). In other words, since the September correction, the share of &#8220;profitable&#8221; coins among both groups has risen, reducing the risks of a further deterioration in market sentiment.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-48-1024x590.png\" alt=\"\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0438 Glassnode \u043e\u0446\u0435\u043d\u0438\u043b\u0438 \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-157618\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-48-1024x590.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-48-300x173.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-48-768x443.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-48-1536x885.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-48.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Glassnode.<br \/><\/figcaption><\/figure>\n<\/div>\n<p>On the night of November 29, the first cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-climbs-back-above-57000\">rose back above the $57,000 level<\/a>.<\/p>\n<p>Earlier, SkyBridge Capital founder Anthony Scaramucci saw in the latest correction <a href=\"https:\/\/u1f987.com\/en\/news\/anthony-scaramucci-calls-latest-bitcoin-correction-a-buying-opportunity\">an opportunity to scale up his positions<\/a>. In his view, cryptocurrencies have fundamental potential for further growth.<\/p>\n<p> Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The November correction in Bitcoin is unlikely to persist, given the high share of &#8220;profit-taking&#8221; coins and a balanced stance in the crypto-derivatives market. These conclusions appear in a Glassnode report.<\/p>\n","protected":false},"author":1,"featured_media":53840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1273,1145],"class_list":["post-53839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53839"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53839\/revisions"}],"predecessor-version":[{"id":53841,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53839\/revisions\/53841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53840"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}