Another harvest season of leeks, 1.1 million bitcoins in wallet addresses were cleared during the plunge.

In this wave of Bitcoin's decline, the most pitiful ones are the leeks who ran into the market and then jumped out of the building. The total number of addresses holding non-zero BTC balances has also dropped -2.8% from its recent all-time high of 38.7 million addresses, according to glassnode data. A total of 1.1 million bitcoins in wallet addresses were cleared during the plunge, which is the strongest evidence of this wave of panic selling.

On Monday, May 17, the price of Bitcoin (BTC) plunged more than 10%, slipping to the $42,500 level. Then it began to swing around $44,000. As of press time, there is still a strong resistance above $43,000. According to push data, the price of Bitcoin was $43,257.75, an intraday drop of 0.54%, with a market value of $808 billion. However, in the panic selling of Bitcoin and the entire cryptocurrency field, a clear trend can already be observed, that is, a large number of short-term holders are taking losses and leaving the market, however, long-term Bitcoin holders and miners It is still continuing to buy bottoms.

Northern Trust Appoints Alvin Chia as Head of Digital Asset Innovation in the Asia-Pacific Region: Jinse Finance reported that Northern Trust (NASDAQ: NTRS) has hired Alvin Chia as its head of digital asset innovation in the Asia-Pacific region. Chia will be responsible for delivering Northern Trust-compliant digital asset strategies to clients in the Asia-Pacific region, working closely with industry bodies, fintech companies, regulators and government entities to actively influence market changes. Chia reports to Justin Chapman, Global Head of Digital Assets and Financial Markets. Northern Trust announced the formation of its Digital Assets and Financial Markets Group in June 2022. (finextra) [2022/11/16 13:12:15]

Data: In the past 48 hours, the global cryptocurrency market value has evaporated by US$80.8 billion: Jinse Finance reported that, according to Watcher.Guru tweets, the global cryptocurrency market value has evaporated by US$80.8 billion in the past 48 hours. [2022/8/28 12:53:31]

As Buffett puts it, money in the market "moves from the impatient to the patient." The price of bitcoin plummeted on Monday amid panic over Tesla CEO Elon Musk's Twitter offensive. With Tesla abandoning the bitcoin payment channel last week, bitcoin began to come under unprecedented selling pressure.

There were about 4826.8 large transfers of BTC, worth about 226 million US dollars: According to KingData data monitoring, at 05:23 on December 14, 4,826.8 BTC were transferred from an unknown wallet address starting with 129d to an unknown wallet address starting with 1CDt, worth about 2.26 billion dollars, the transaction hash is: d2b74eae402813b1026b1a81878767b2012ba2d51cfd6e105cf579d9329e654d. [2021/12/14 7:37:58]

An SOPR below 1 suggests that short-term holders are in panic selling mode, causing significant losses on their investments. Taken together, long-term holders continue to accumulate amid these price dips. As Glassnode data shows, the number of addresses accumulating Bitcoin spiked during the price crash.

Similarly, the number of wallet addresses that have suffered losses recently hit a 9-month high,

However, market analyst Rich Ross pointed out in an interview with Bloomberg that BTC prices have not reached a bottom yet and further price crashes are expected in the future. A valid support level is formed near the 200-day moving average at $40,000. Michael Purves, chief executive of Tallbacken Capital Advisors LLC, said, "The momentum has now turned quite decisively to the bear market." Purves further added that $42,000 is a key support for Bitcoin. If it cannot hold above it, Bitcoin will usher in a new wave of decline.

Mike Novogratz, a Wall Street veteran and founder of Galaxy Digital, told CNBC on Tuesday that he is bullish on Bitcoin for the long term: "The market wouldn't be that simple, and if it were that simple, we'd all be rich. Bitcoin is still up 50% year-to-date. % above, this is just a normal correction, a natural phenomenon in the market.” Novogratz also said that he would increase his position in Bitcoin around $40,000.

Image source: Glassnode, Bitui terminal

Author: Chen Zou

Tags：

NEAR