Bitcoin (BTC) has shown signs of speculative activity after a period of consolidation, as reported by crypto analytics firm Glassnode. In their analysis, Glassnode highlights that long-term holders of BTC, who have held the cryptocurrency for six months to three years, are currently holding unrealized profits. This is supported by the fact that only 0.03% of these long-term holders are experiencing losses, which is typical during the early stage of a bull market.

Glassnode also observes that the sell-side risk ratio, which calculates the ratio of profits and losses realized on-chain to the realized cap of Bitcoin, has returned to an equilibrium level after a reset in the past two months. This indicates that the majority of profit and loss expected in this price range has already been taken, suggesting a higher risk of significant volatility in the near future.

The crypto market reacted to a false alarm last month when it was reported that bankrupt crypto exchange Mt. Gox had moved nearly $10 billion worth of BTC. However, former Mt. Gox CEO Mark Karpelès clarified on social media that these movements were merely preparations for a distribution that is likely to occur later this year.

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