Report: Bitcoin buying support remains insufficient, unrealized profit of short-term traders falls to 8.1%
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AT A GLANCE
The report said that Bitcoin buying is weak and short-term traders’ unrealized profit has fallen to 8.1%, but this is still insufficient to conclude that the market has entered a bear market.
Article
Report: Bitcoin buying support remains insufficient, unrealized profit of short-term traders falls to 8.1%
PANews October 27 According to the report, CryptoQuant’s latest weekly report pointed out that buying support in the Bitcoin market remains insufficient. Its on-chain indicator measuring demand was negative as of October 25 and has remained so for 12 Coinbase’s Bitcoin price remained below Binance for October days prior, 25 reflecting relatively weak buying in the U.S. market. The average unrealized profit of holders in the 1 to 3 month cohort also narrowed from September 22 at 33.4%to October 26 at 8.1%. However, the CryptoQuant bull market score remains at 60 points, with 10 of 6 indicators remaining bullish. The report believes the current conditions are closer to a “cooling bull market” and that this alone is not sufficient to conclude that the market has entered a bear market.
CryptoQuant’s latest weekly report pointed out that buying support in the Bitcoin market remains insufficient.
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The on-chain indicator measuring demand was negative as of October 25 and has remained so for 12 consecutive days.
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Coinbase’s Bitcoin price remained below Binance for October days prior, 25 consecutive days.
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The average unrealized profit of the 1 to 3 month holder cohort fell from September 22 at 33.4%to October 26 at 8.1%。
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The CryptoQuant bull market score remains at 60 points, with 10 of 6 indicators remaining bullish.
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The report believes the current conditions are closer to a “cooling bull market” and that this alone is not sufficient to conclude that the market has entered a bear market.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Insufficient buying support means that the force willing to buy Bitcoin is relatively weak. The unrealized profit of the 1 to 3 month holder cohort narrowed significantly, indicating that the average profit margin on the portion it has not yet sold has decreased. However, most of the report’s scoring indicators remain bullish, so its conclusion is that the bull market is cooling, not that the market has already entered a bear market.
Why it matters to readers
Together, these indicators reflect the current strength of Bitcoin demand and the profitability of short-term holders and can be used to observe whether the market continues to cool; however, the report itself did not confirm that the trend has already reversed.
Beginners should focus on the demand indicator, the price difference between Coinbase and Binance, and whether short-term holders’ unrealized profit continues to decline, rather than judging a bull-to-bear transition based solely on a single report.
Risks and unknowns
The original text is PANews’ account of CryptoQuant’s weekly report and does not provide the full report.
The original text does not specify the calculation methods for the on-chain demand indicator, bull market score, or bullish indicators.
The lower Coinbase price relative to Binance is explained as reflecting relatively weak buying in the U.S. market, but the original text does not provide other corroborating data.
The dates in the original text do not specify a year.
Related Developments
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How the demand indicators and bull market score will change subsequently remains unclear.
Related concepts
Buying support
This term is not in the glossary yet. Browse related concepts in the glossary.
