Participants in the cryptocurrency market have resumed the active withdrawal of bitcoins from exchanges. This is evidenced by data from Glassnode.
The #Bitcoin market hovers precariously below $ 50k, as the bulls, and bears draw their lines in the sand.
After a significant deleveraging in derivatives markets, onchain data provides insight into the most likely $ BTC move.
Read more in The Week Onchainhttps://t.co/1hRY4Swkoz
– glassnode (@glassnode) December 13, 2021
At the end of the last week, the seven-day moving average of the inflow / outflow of coins to centralized platforms became negative and ranged from 2113 BTC to 5831 BTC. The last time similar values were observed at the beginning of August.
As part of the current correction in October-December, exchange balances decreased by 49 thousand BTC. This contrasts with the previous episode in May-July, when there was an influx of 168K BTC coins.
The realized losses graph reflects two capitulations of investors in the amount of more than $ 1 billion per day during the current correction. Compared to the events in May-July 2021, the process has accelerated. Analysts see this as a manifestation of the nervousness of market participants regarding the further dynamics of Bitcoin and a signal of a reduction in potential bearish pressure.
The dynamics of the realized profit indicates a decrease in the interest of hodlers in spending at the prevailing levels.
As a reminder, the investment director of Bitwise Asset Management questioned Bitcoin’s ability to reach $ 100,000 by the end of the year.
Earlier, the author of the Stock-to-Flow PlanB model admitted the insolvency of his own “worst” scenario, according to which the rate of the first cryptocurrency was supposed to reach $ 98,000 in November. Before that, Huobi analysts expressed a similar opinion.
In December, the founder of Ark Invest pointed to the buying potential of institutions that could push bitcoin up to $ 550,000.
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