Under the pressure of price $BTC , accumulating slowly but dropping rapidly many times recently, many people have expressed concerns about the accuracy of the data and the On-Chain analysis methods from #Glassnode. .
The actions of Glassnode recently have included numerous moves to post motivational information and reassure the market spirit.
Yesterday they said:
- The average cost of Bitcoin wallets that are frequently trading recently is 88.1k - Active Investors Mean (image 1)
Today they continue to encourage.
- A new "cost-basis" cluster has formed after Bitcoin dropped to the 80k range, indicating that new money is accumulating at these price levels. This area is currently one of the densest regions on the heatmap and could serve as a strong support zone, likely to be defended by recent buyers (image 2)
The prolonged negative situation #Glassnode has also gradually become one of the most criticized KOLs of the year 😂 because the price movement goes against On-Chain forecasts.
The truth is that on-chain data is accurate at the cycle level while trading prices on exchanges are sometimes just temporary, not enough observation time to fully reflect into on-chain data and vice versa. However, Glassnode also needs to review their Metrics carefully to support short-term trading. Otherwise, I think Mr. GN will officially join the group of KOLs with the most antifan in the crypto market 😂
