Bitcoin Remains Still as Global Markets Break Records
The global market has been on a tear, breaking records in stocks and gold while oil prices plummeted. Bitcoin, however, remained largely stagnant, barely moving over the past week.
According to Glassnode Research, this stillness is unusual given the significant events that have occurred recently. The research notes that despite major equity indices reaching record highs, gold rallying alongside them, and oil gapping lower due to de-escalation headlines, Bitcoin's price remained unaffected.
One possible explanation for this is that the theft of 594 BTC (worth approximately $38M) from self-custodied wallets did not have a significant impact on the market. The research notes that despite the large-scale theft, the price barely registered it.
The researchers also point out that bottom signals in Bitcoin are typically accompanied by capitulation flushes and high volatility, but this cycle has reached similar territory through boredom rather than pain. The profitability compression is in place, but it was achieved through months of drift rather than a sudden event.