TechFlow News, July 16, Glassnode stated that observing exchange fund flows can assess the degree of dominance of long-term holders over selling pressure. The indicator "Long-Term Holder/Short-Term Holder Exchange Realized Profit/Loss Relative Ratio" shows that among the funds currently flowing into exchanges, over 65% come from loss-selling by long-term holders.
This level is similar to previous bear market phases, when long-term holders once dominated the selling pressure until their selling pressure was gradually exhausted. Glassnode believes that before this ratio begins to decline, the structural selling pressure brought by buyers at the cycle top will still be the dominant force in exchange fund flows.
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