Glassnode analysis states that bitcoin has reached it’s bottom, with several metrics indicating that bitcoin is establishing a new bearish market floor price. 
We are pretty much aware the opportunity that the bearish market brings as it’s an avenue for long term traders/ investors to build their portfolio, the accumulation chat rate according to their analysis is similar to that of 2018/ 2019 as [stated](https://insights.glassnode.com/the-week-onchain-week-41-2022/?&utm_source=gn_twitter&utm_medium=tweet_woc&utm_campaign=woc_41_2022); 

“Throughout the capitulation in early 2022, the accumulation trend score indicates significant accumulation by large entities has taken place, as well as the seizure of the recent bear market rally to $24,500 for exit liquidity. At present, this metric suggests an equilibrium (neutral) structure in the market, which remains similar to early 2019.”

![07A8B3BFF02D46C79A2E873A1046AF61.jpeg](https://i.imgur.com/m1u7CcJ.jpg)
[source](https://coingape.com/bitcoin-btc-whale-address-holdings-at-a-29-month-low/amp/)

With-list this whales withdrawal as also slightly increase as it was reported that the total withdrawal/ outflow from exchanges is about 15700 BTC with the net worth slightly below $300 million dollars in market value. 

By price stamping the deposits and withdrawal volumes of the whale cohort (1k+ BTC) to/from exchanges, we can estimate the average price of Whale Deposits/Withdrawals since Jan-2017. This Whale cost basis is currently around $15,800.” 

Well in conclusion of their report it seems we still have a long way to go as regards bitcoin reaching it’s bottom, and they stated that bitcoin is printing a new [bottom](https://dailyhodl.com/2022/10/11/bottom-formation-in-play-glassnode-looks-at-state-of-bitcoin-as-whales-accumulate-over-300000000-in-btc/); 

“In many ways, many on-chain metrics, market structure, and investor behavior patterns are dotting of the Is, and crossing the Ts for a textbook bear market floor. A principle piece which is missing is duration, of which history would suggest there may be several months still ahead before a full recovery.” 

At the time of writing bitcoin was trading below $20k, tho we have witnessed some few greenish candles on the market chat. 

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Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.

Let’s also connect on some of the web2 platform.
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