{"id":73700,"date":"2023-02-07T11:19:37","date_gmt":"2023-02-07T09:19:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73700"},"modified":"2025-09-09T15:41:46","modified_gmt":"2025-09-09T12:41:46","slug":"glassnode-notes-transitional-phase-from-bear-to-bull-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-notes-transitional-phase-from-bear-to-bull-market\/","title":{"rendered":"Glassnode notes transitional phase from bear to bull market"},"content":{"rendered":"<p>In the Bitcoin market, a cyclical transition is under way, driven by a sharp shift in the balance of total profits and losses. Glassnode analysts say as much.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">In this edition of the Week On-Chain, we shall explore spending activity across a wide cross section of the market in response to the recent price uptick. The goal is to identify emerging patterns behavioral patterns, to gauge shifting tides.<\/p>\n<p>Read Here \ud83d\udc47<a href=\\\"https:\/\/t.co\/vneK5DyFwW\\\">https:\/\/t.co\/vneK5DyFwW<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\\\"https:\/\/twitter.com\/glassnode\/status\/1622632512580210689?ref_src=twsrc%5Etfw\\\">February 6, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;Taking past cycles as a guide, the road ahead remains difficult. \u2026 Historically they were characterised by a broad sideways trend, with local volatile moves, typically in both directions,&#8221;<\/em> the analysts explained.<\/p>\n<\/blockquote>\n<p>Structural changes in the market are evident when considering the proportion of realized profits and losses. For the first time since April 2022 (<a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">collapse of the Terra ecosystem<\/a>) there is a shift in dominance from the latter to the former.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large is-resized\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-99-1024x564.png\\\" alt=\\\"image-99\\\" class=\\\"wp-image-197393\\\" width=\\\"840\\\" height=\\\"462\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-99-1024x564.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-99-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-99-768x423.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-99.png 1164w\\\" sizes=\\\"auto, (max-width: 840px) 100vw, 840px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The same metric in terms of realized capitalization suggests that the process has not yet gained the momentum typical of a bull-market apex or at times of capitulations such as the Terra collapse and <a href=\"https:\/\/u1f987.com\/en\/news\/how-the-collapse-of-ftx-and-alameda-research-will-affect-the-crypto-industry\">FTX<\/a>.<\/p>\n<p>The majority of coins in motion were purchased relatively close to the current spot price. They have not yet registered a large realized &#8216;load&#8217;.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"563\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-100-1024x563.png\\\" alt=\\\"image-100\\\" class=\\\"wp-image-197394\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-100-1024x563.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-100-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-100-768x422.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-100.png 1168w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p><span class=\\\"old_tooltip\\\" data-descr=\\\"the difference between unrealized profits and losses based on the latest movement of coins\\\"> Net Unrealized Profit\/Loss<\/span> indicator showed market value exceeding the average purchase price of the coins. In other words, the typical Bitcoin holder is again in the black.<\/p>\n<p>Period of the loss-making of investments lasted 166 days. This is comparable to cycles of 2011-2012 (157 days) and 2018-2019 (134 days), but lags the events of 2015-2016 (301 days).<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"568\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-101-1024x568.png\\\" alt=\\\"image-101\\\" class=\\\"wp-image-197395\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-101-1024x568.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-101-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-101-768x426.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-101.png 1171w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>\u0418\u043d\u0434\u0438\u043a\u0430\u0442\u043e\u0440<a href=\"https:\/\/u1f987.com\/en\/news\/sopr-finding-bitcoins-highs-and-lows\"> SOPR<\/a> \u043f\u0440\u0438\u043c\u0435\u043d\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u043a \u043a\u0440\u0430\u0442\u043a\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u043c \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c \u0432\u043f\u0435\u0440\u0432\u044b\u0435 \u0441 \u043c\u0430\u0440\u0442\u0430 2022 \u0433\u043e\u0434\u0430 \u0437\u0430\u043a\u0440\u0435\u043f\u0438\u043b\u0441\u044f \u0432 \u0437\u043e\u043d\u0435 \u0432\u044b\u0448\u0435 \u043a\u043b\u044e\u0447\u0435\u0432\u043e\u0439 \u043e\u0442\u043c\u0435\u0442\u043a\u0438 1. \u0414\u0440\u0443\u0433\u0438\u043c\u0438 \u0441\u043b\u043e\u0432\u0430\u043c\u0438, \u044d\u0442\u043e \u043f\u0435\u0440\u0432\u044b\u0439 \u0437\u0430 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0438\u0435 \u043c\u0435\u0441\u044f\u0446\u044b \u0432\u0441\u043f\u043b\u0435\u0441\u043a \u0444\u0438\u043a\u0441\u0430\u0446\u0438\u0438 \u0431\u043e\u043b\u044c\u0448\u043e\u0433\u043e \u043e\u0431\u044a\u0435\u043c\u0430 \u043c\u043e\u043d\u0435\u0442, \u043f\u0440\u0438\u043e\u0431\u0440\u0435\u0442\u0435\u043d\u043d\u044b\u0445 \u043f\u043e \u0431\u043e\u043b\u0435\u0435 \u043d\u0438\u0437\u043a\u0438\u043c \u0446\u0435\u043d\u0430\u043c.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"575\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-102-1024x575.png\\\" alt=\\\"image-102\\\" class=\\\"wp-image-197396\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-102-1024x575.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-102-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-102-768x431.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-102.png 1175w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>\u041e\u0431\u0449\u0430\u044f \u043c\u0435\u0442\u0440\u0438\u043a\u0430 \u0442\u0430\u043a\u0436\u0435 \u043f\u0440\u0435\u0432\u044b\u0441\u0438\u043b\u0430 \u043f\u043e\u0433\u0440\u0430\u043d\u0438\u0447\u043d\u044b\u0439 \u0440\u0443\u0431\u0435\u0436 \u2014 \u0445\u043e\u0434\u043b\u0435\u0440\u044b \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0430\u044e\u0442 \u043d\u0435\u0441\u0442\u0438 \u0443\u0431\u044b\u0442\u043a\u0438 \u043f\u043e\u0441\u043b\u0435 \u043a\u0440\u0430\u0445\u0430 Terra, \u043d\u043e \u0438\u0445 \u043c\u0430\u0441\u0448\u0442\u0430\u0431 \u0441\u0442\u0430\u043b \u0441\u043b\u0430\u0431\u0435\u0442\u044c.<\/p>\n<p>\u041c\u0435\u0442\u0440\u0438\u043a\u0430 <span class=\\\"old_tooltip\\\" data-descr=\\\"the difference between unrealized profits and losses based on the latest movement of coins\\\">Realized Cap HODL Waves<\/span> \u0441 \u0444\u043e\u043a\u0443\u0441\u043e\u043c \u043d\u0430 \u043c\u043e\u043d\u0435\u0442\u044b \u0441 \u00ab\u0432\u043e\u0437\u0440\u0430\u0441\u0442\u043e\u043c\u00bb \u043d\u0435 \u0441\u0442\u0430\u0440\u0448\u0435 \u0442\u0440\u0435\u0445 \u043c\u0435\u0441\u044f\u0446\u0435\u0432 \u043f\u043e\u043a\u0430\u0437\u0430\u043b\u0430 \u0440\u043e\u0441\u0442 \u00ab\u0431\u043e\u0433\u0430\u0442\u0441\u0442\u0432\u0430\u00bb, \u043f\u0440\u0438\u043d\u0430\u0434\u043b\u0435\u0436\u0430\u0449\u0435\u0433\u043e \u043d\u043e\u0432\u044b\u043c \u0432\u043b\u0430\u0434\u0435\u043b\u044c\u0446\u0430\u043c, \u0437\u0430 \u0441\u0447\u0435\u0442 \u0435\u0433\u043e \u043f\u0435\u0440\u0435\u0445\u043e\u0434\u0430 \u043e\u0442 \u0441\u0442\u0430\u0440\u044b\u0445. \u0413\u043b\u0443\u0431\u0438\u043d\u0430 \u044d\u0442\u043e\u0433\u043e \u043c\u043e\u043c\u0435\u043d\u0442\u0430 \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438 \u0431\u0435\u0441\u043f\u0440\u0435\u0446\u0435\u0434\u0435\u043d\u0442\u043d\u0430.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"577\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-103-1024x577.png\\\" alt=\\\"image-103\\\" class=\\\"wp-image-197398\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-103-1024x577.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-103-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-103-768x433.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-103.png 1166w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>\u0418\u043d\u0434\u0438\u043a\u0430\u0442\u043e\u0440 <a href=\\\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;m=indicators.RhodlRatio\\\" title=\\\"\\\">Realized HODL Ratio<\/a> \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442 \u0443\u043a\u0430\u0437\u0430\u043d\u043d\u044b\u0435 \u0432\u044b\u0448\u0435 \u043d\u0430\u0431\u043b\u044e\u0434\u0435\u043d\u0438\u044f, \u0434\u0435\u043c\u043e\u043d\u0441\u0442\u0440\u0438\u0440\u0443\u044f \u043a\u0430\u043a \u0442\u0435\u043d\u0434\u0435\u043d\u0446\u0438\u044e, \u0442\u0430\u043a \u0438 \u0441\u043a\u043e\u0440\u043e\u0441\u0442\u044c \u0441\u043c\u0435\u043d\u044b \u0431\u043b\u0430\u0433\u043e\u0441\u043e\u0441\u0442\u043e\u044f\u043d\u0438\u044f \u043a \u043d\u0435\u0434\u0430\u0432\u043d\u0438\u043c \u043f\u043e\u043a\u0443\u043f\u0430\u0442\u0435\u043b\u044f\u043c \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"564\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-104-1024x564.png\\\" alt=\\\"image-104\\\" class=\\\"wp-image-197399\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-104-1024x564.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/image-104-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image-104-768x423.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/image-104.png 1170w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>As of the start of the year, inflows to crypto investment products reached $230m.<\/p>\n<p>Earlier, LookIntoBitcoin experts noted the Bitcoin move to the early stage of a bull market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a cyclic transition in the Bitcoin market, driven by a sharp change in the balance of profits and losses. Glassnode analysts say as much.<\/p>\n","protected":false},"author":1,"featured_media":73701,"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":[18,1273,1145],"class_list":["post-73700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73700","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=73700"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73700\/revisions"}],"predecessor-version":[{"id":73702,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73700\/revisions\/73702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/73701"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=73700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=73700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=73700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}