Glassnode: Short-term holders sold most altcoins at a loss

TechFlow news, November 10: According to BeInCrypto, Glassnode data showed that as of the end of October, among more than 300 tokens tracked, only about 12% of tokens were sold at a profit by short-term holders, while the proportion was about 80% at the end of September. Short-term holders are defined as holders who purchased a token less than 155 days ago.

The report cited Glassnode chief analyst AntiFragile as saying that the ratio of altcoin spot trading volume to Bitcoin's was close to 4x near the September peak and fell to about 3x by the end of October. Glassnode believes that if Bitcoin closes above $85,000 for several consecutive days, it may turn the $84,000 to $85,000 resistance zone into support; if it sustains below $73,000, it may enter a longer period of consolidation.

Source: TechFlow