Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts
As Santiment analytics disclose an accelerating decline in wallets holding one or more Bitcoin, the cryptocurrency industry has gone abuzz. Crucial for gauging mood in the market, this indicator has been progressively dropping as traders become less optimistic that Bitcoin may rise beyond its historic high of $73,750, which it last touched on March 14. The general feeling in the market is that people don’t think Bitcoin will reach a new all-time high this year. Related Reading: THORChain (RUNE) Primed For Big Gains, Analyst Eyes $20 Milestone Largely due to “fear, uncertainty, and doubt” (FUD), smaller investors of the asset tend to sell off their holdings, a pattern that is reminiscent of previous market cycles. It is interesting to note that after a large number of smaller buyers sell their Bitcoin, bigger holders usually start to buy more. This could set the stage for future rallies. At first glance, this trend seems worrying, but it could be setting the stage for the next bull market.
As Santiment analytics disclose an accelerating decline in wallets holding one or more Bitcoin, the cryptocurrency industry has gone abuzz.
Crucial for gauging mood in the market, this indicator has been progressively dropping as traders become less optimistic that Bitcoin may rise beyond its historic high of $73,750, which it last touched on March 14. The general feeling in the market is that people don’t think Bitcoin will reach a new all-time high this year.
Largely due to “fear, uncertainty, and doubt” (FUD), smaller investors of the asset tend to sell off their holdings, a pattern that is reminiscent of previous market cycles.
It is interesting to note that after a large number of smaller buyers sell their Bitcoin, bigger holders usually start to buy more. This could set the stage for future rallies. At first glance, this trend seems worrying, but it could be setting the stage for the next bull market.
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