What’s the state of profit realization based on on-chain analysis? 📊

Glassnode's data shows an increase in profit realization by holders of short-term contracts. 

What does this mean? Let’s take a look!

• The key will be to monitor whether new buyers step in to absorb this selling pressure.

• While this could potentially put downward pressure on prices, it is also a healthy sign of a functioning market.

• Although the current price has been trending downward since the March peaks, valuation models suggest that BTC is still at safe levels.

Check out the chart below 👇