Bitcoin (BTC) has shown signs of increased speculative activity following a period of consolidation, as reported by crypto analytics company Glassnode. In a recent report, Glassnode highlights the presence of new buyers and investors who have been holding BTC for between six months and three years, resulting in unrealized profits. This trend is further supported by the fact that only 0.03% of long-term holders are currently at a loss, indicating the early stages of a bullish market.

In the past two months, the Sell-Side Risk Ratio for both long and short-term holders has stabilized, suggesting that most profits and losses within this price range have been realized. This could potentially lead to heightened volatility in the near future.

The sell-side risk ratio is calculated by dividing the total profits and losses realized on-chain by the realized cap, which reflects the value of each Bitcoin when it was last moved rather than its current market value.

Glassnode also addresses the market’s reaction to recent news surrounding the movement of nearly $10 billion in BTC by the bankrupt crypto exchange Mt. Gox. Despite initial concerns about a potential liquidation, former Mt. Gox CEO Mark Karpelès clarified on social media that the coin movements were part of preparations for a future distribution.

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