Recent Bitcoin Rally Showing ‘Durability,’ According to Glassnode – Here’s What the Analytic Firm Means
On-chain metrics suggest the ongoing Bitcoin (BTC) rally is looking durable, according to the crypto analytics firm Glassnode.
The firm notes on the social media platform X that “first buyers and momentum buyers” continue to demonstrate strong engagement, while profit takers display only a moderate level of activity.
“This is constructive, as it suggests ongoing demand from new and trend-following participants without significant distribution pressure, supporting the durability of the recent rally.”
Source: Glassnode/X
Glassnode also notes that US spot Bitcoin exchange-traded funds (ETFs) recorded a net inflow of 31,323 BTC worth $2.9 billion last week, representing the fifth-largest weekly BTC inflow on record and the third-largest in terms of dollar value.
The firm says the inflow highlights “renewed institutional engagement with Bitcoin, even at elevated price levels.”
Source: Glassnode/X
Bitcoin is trading at $95,370 at time of writing. The top-ranked crypto asset by market cap is up nearly 1.5% in the past 24 hours.
In terms of Ethereum (ETH), Glassnode notes that the second-largest crypto asset by market cap is demonstrating its “first meaningful uptick” in first buyers since February.
“However, Profit Takers are also becoming more active, providing context for the recent stall in ETH price recovery.”
Source: glassnode/X
ETH is trading at $1,827 at time of writing and is up more than 3% in the past 24 hours.
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