Glassnode reports Bitcoin enters early recovery after Q3 bottoming

Bitcoin has entered an early recovery phase following a bottoming in the third quarter, with a positive outlook for the fourth quarter, according to a report by Glassnode and Coinbase Institutional. The report indicates that Bitcoin showed recovery signs in Q3 despite the U.S. Federal Reserve tightening and rising long-term Treasury yields. However, short-term risk factors still require caution. Bitcoin's net unrealized profit/loss (NUPL) rebounded into the optimism-anxiety zone during Q3 but remains below the belief-denial stage, indicating a lack of strong market conviction. Long-term holders have maintained their positions, with the supply of Bitcoin that has not moved for over one year continuing to rise alongside price rebounds. Additionally, trading activity in recently moved Bitcoin has increased, suggesting new investors may be returning to the market. The report maintains a positive market view while advising caution regarding near-term risks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.