- BTC HODLer Net Position changed to green for the first time since October.
- It could be bearish or bullish indicator
Glassnode reports show that BTC HODLer Net Position changed to green for the first time since October. In addition, HODLer Net Position Change reveals the monthly position change of long-term investors HODLers.
More so, it indicates when HODLers cash out, which is negative. Also, it shows when HODLers accumulate new net positions. This means a positive sign.
According to Glassnode reports, a green net position shows that more BTC holders hold BTC rather than sell. This is the first time it has happened since October last year. A Twitter account by the name of William Clemente III first noticed it.
Moreover, it could be a bearish indicator. This is due to the number of inactive addresses going up. But, on the other hand, it could be a bullish indicator. Let’s note that the same situation happened on March 10, 2018.
Furthermore, the user’s tweet caught the attention of his followers. However, some didn’t know what he meant. Yet few understood what the user said.
One of his followers replied. Besides, he was trying to clarify it for others who didn’t understand. “Simply, it means those with coins over 155 days (long-term holders) accumulate rather than distribute. This is bullish in the near term,” he noted.
According to CoinMarketCap, Bitcoin price is trading at $39,962.59 with a 24-hour trading volume of $37,798,341,631. This means Bitcoin is down 0.05% at the time of writing.