The fall in the BTC rate knocked out weak players before a new rally

The collapse of the Bitcoin price from $58 thousand to $43 thousand reset the on-chain indicators of the cryptocurrency, preparing the ground for a newrally, according to Glassnode.

A fall in the price of Bitcoin below $45 thousand is a positive signal for the cryptocurrency, since the market is thus getting rid of weak players. At least that's what Glassnode analysts think.

In their weekly digest, expertstook a look at how Bitcoin's on-chain performance performed after a protracted rally. Thus, Bitcoin’s adjusted spent output profit ratio (aSOPR) dropped below 1.0 for the first time in 2021, reaching a value of 0.988.

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When the ratio drops below 1.0, this means that cryptocurrency hodlers are selling coins at a loss. Low aSOPR values ​​also mean that fewer old, high-yielding coins have been spent. In other words, long-term hodlers remain confident in the further growth of the cryptocurrency price.

New investors come to the bitcoin market

According to Glassnode, the market is seeing an influx of "new retail investors." One example is the increased focus on accounts and subscriptions on cryptocurrency exchanges.

Thus, the drop in the aSOPR coefficient canbe the first intranet indicator of "panic selling" by new entrants. The previous drop from $ 42K has not been reset in odds due to bullish news from Tesla.

However, the fall of aSOPR below zero does not mean thatthat the market has entered a bearish trend. According to Glassnode, "this time it could be different." To confirm their theory, experts refer to the ongoing decline in market liquidity.

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According to analysts, the withdrawal trend forLong-term storage indicates that Bitcoin has come to be seen as an important macro asset. Glassone admits that in this correction there is still room to fall. However, despite the fact that on-chain metrics are being reset, there is still demand in the market from long-term investors, experts concluded.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features &#8212; futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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