Bitcoin Captitution intensifies as STHS loses $750 million daily – time to buy a DIP?
Bitcoin’s price performance over the past two weeks has been a major source of concern, as the currency’s value continues to drift (about 15% down now) from its all-time high. As flagpyurpy’s cryptocurlocursency has dropped, the latest on-chain data suggests that a group of investors are exiting the market en masse.
Short-term holders surrender their holdings
On October 18th on the X Platform, an on-chain black analyst revealed that a large number of short-term Bitcoin investors began to close their positions and realize their losses.
Related reading
MarkFost’s analysis was drawn from the Net Profit / Loss Metric, which tracks the total amount (in USD) of profit or loss earned on-chain. This metric measures net profit or loss on a daily basis, averaged, in this case, over seven days. It gives insight into whether many investors are selling at a loss or with their heads above water..
According to Crypto Pundit, the actual loss of BTC investors has reached a level as high as $750 million per day, one of the highest levels of this current cycle. It is interesting that the darkness has explained that the magnitude of these events is easily compared to those observed during the summer solstice of 2024.
What you should watch out for in this phase of caution is what may come next. According to the analyst, events like this precede local bottlenecks. What this means is that after the short men (known as “weak waves”) have given up their long-term confident holdings (“diamond hands”), cryptocurrencyn “), cryptocurrency” represents an opportunity to see the price – expected to meet in historical ways.
However, on the other hand, the darkness gives a subtle warning that the opposite freary can be the case in the case where the market is in the first stage.
Bitcoin whales may find it again
Supporting the positive view of redistribution, a quick post on the cryploquant platform by AbramChart gives a glimmer of hope for Bitcoin Market participants. Taking a closer look at the addresses accumulated by addresses (Dynamic COHORT) Metric, the analyst highlighted a high BTC inflow of more than 26,500 BTC in Whales accumulating wallets.
When large amounts of bitcoin – such as this rate – are moved, it often indicates institutional accumulation or a religious whale, as coins are often transferred from the exchange to this long-term holding angle.
Related reading
Following historical patterns, it is possible that this accumulation event will precede a further bullish expansion of the cryptocurrency. As Abramart explained, this whole trend works like the idea that the smart money is “Buying in peace.”
As of this writing, Bitcoin is holding a value of $106,870, with no significant movement seen in the last 24 hours.
Featured image from istock, chart from trading
