Glassnode Predicts More Pain Ahead; Here's Why

In a publication made by Glassnode, a cryptocurrency on-chain analytics platform, the ongoing bearish run in the crypto market is expected to continue, after a further downward movement in price.

Bitcoin faces a two-year low value

Despite beginning the year in a rather humble fashion, trading just below the $30,000 region, the price of Bitcoin soared to an all time high of over $68,000 by the last quarter of last year. The boom resulted in Bitcoin being tipped for unimaginable greatness.

Many key proponents gave their takes on the matter with a few expecting the coin to close 2022 at around $200,000, if not higher. Then came the crypto winter by late November and early December, which had a massive impact on the global crypto market.

The highly valued digital asset suddenly lost much of its value and within a few months, a seeming resistance was found around the $30,000 region. Fresh expectations were born but things have gone worse.

According to available statistics, the ongoing bearish run is almost a reflection of what had happened in 2015 and 2018. Also, investors are naturally expected to react to the ongoing trend with a massive sell-off.

Bitcoin previously bought by over 100 hopeful addresses

The bearish run was most felt in May when millions were lost to the depegging of Luna. Prior to the crash of the stablecoin, Luna Foundation Guard forfeited over 80,000 bitcoins at $33,000 per unit of the coin.

The sell off was a desperate attempt to introduce balance into the failing UST, considering the coins were originally purchased at $47,000. The sales initiated by LFG amounted to $1.5 billion worth of Bitcoin. However, the move didn’t stop the impending damage.

Despite the sell-off, Luna lost its peg to the US dollars and nosedived from a relatively high value of over $119 to just below $0.00001675. In reaction, the prices of two of the world’s crypto frontliners, Bitcoin and Ethereum, made a downward movement too.

In a tweet by Glassnode, all of the bitcoins ‘dumped’ by Luna Foundation Guard were bought by addresses who’d previously held less than 100 bitcoins in their portfolios, moving the 80,081 bitcoins to 80,724. As at press time, Bitcoin trades in the $25,000 zone and Ethereum, $1234.99.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Abigal Vee

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.