Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost. Investors with a long-term growth outlook still want to hold onto the flagship digital asset, iterating their expansive bullish stance on it. The analogy appears out of a chart from Glassnode, a blockchain analytics firm that determines Bitcoin’s market bias based on on-chain indicators. One of its benchmark offerings is a tracking tool that studies Bitcoin wallets based on their net position holdings. In retrospect, the lesser the wallet owners spend their bitcoin, the higher their bullish bias is.