[flipper2]

https://insights.glassnode.com/surveying-the-may-2021-sell-off/

- Institutional demand clearly softened from February and the resulting supply sink/squeeze was largely dissipated.
- The balance on exchanges has increased meaningfully resulting in large volumes of coins and overhead supply that must now be re-accumulated.
- Stablecoin prices leading into the Coinbase listing suggested distribution was underway and old hands were spending immediately prior to the sell-off.
- A huge volume of short term holders remain underwater, and long term holder unrealised gains are on a historical -knifes edge coincident with past bear markets.
-Institutional products GBTC and the Purpose ETF are showing signs of recovery despite collapsing prices providing early signs of renewed institutional interest.
- Whilst exchange balances have increased, a more nuanced view indicates a difference between US-regulated and offshore exchanges. There may be a jurisdictional bias at play.
- Stablecoin prints have expanded dramatically creating the largest crypto-native dollar buying power on the sidelines in history.
- The majority of selling appears to have been short term holders, whilst long term holders appear to have bought the dip with increasing conviction.

#bitcoin #kryptowaluty