Chart provided by Glassnode shows that at the moment, selling pressure on Bitcoin from BTC holders is at the lowest point since November last year.
Meanwhile, Bitcoin Stablecoin Supply Ratio has hit an all-time low. Here’s why both factors are good for the flagship cryptocurrency.
Bitcoin holders selling pressure plunges
CIO of Mosckovski Capital has shared a chart from the Glassnode analytics team. It shows that the red selling zone is the smallest since November last year, when green only changed for red. Later on, in January, massive sell-offs broke out.
As a reminder, back then, on January 10, Bitcoin surged to the $41,000 high for the first time in history.
In November, when the selling only started, BTC surpassed the $15,000 level.
As the selling pressure sees a massive relief since late fall 2020, Lex Moskovski assumes that holders are unwilling to dump their Bitcoin at the current prices and assumes this is a bullish sign.
Bitcoin SSR hits an all-time low
Another tweet from Glassnode has announced that the BTC Stablecoin Supply Ratio (SSR) (7-day MA) has dropped to a historic low of 6.861.
This metric shows the purchasing power of stablecoins towards Bitcoin. If it dives, the present stablecoin supply would have a better purchasing power for the flagship digital currency.