2 years ago
The Bitcoin marketplace appears to beryllium retracing the gains it has made since January arsenic whales whitethorn beryllium exiting and selling connected centralized exchanges according to Glassnode.
The fig of Bitcoin whales is rapidly decreasing to levels not seen since earlier this year, perchance owed to the three-month precocious of coin inflows to centralized exchanges (CEXs).
Bitcoin (BTC) marketplace tracker Glassnode has issued respective bearish indicators for the largest cryptocurrency by marketplace cap, including information suggesting a marketplace exit for whales holding astatine slightest 1,000 coins, and speech inflows of much than 1.7 cardinal coins, the astir since February.
— glassnode alerts (@glassnodealerts) May 9, 2022High CEX inflows of BTC suggest whales are perchance exiting the marketplace by selling coins, perchance arsenic a mode to hole for a longer marketplace downtrend. Cointelegraph reported connected May 7 that caller sell-offs were apt executed by short-term holders who had accumulated coins successful precocious January and aboriginal February erstwhile prices had reached a 6-month debased of astir $34,800.
Unfavorable outlooks connected the marketplace based connected hard information person led the Bitcoin Fear and Greed Index to driblet to 11, the “Extreme Fear” region. The scale rates the wide magnitude of fearfulness oregon greed among Bitcoin investors.
Bitcoin Fear and Greed Index is 11 — Extreme Fear
Current price: $34,041 pic.twitter.com/PQK3x6YMok
Despite the mediocre sentiment, BTC regular transactions bash not yet look to person been negatively affected. According to on-chain data from YCharts, determination were 233,892 regular transactions worthy astir $30 cardinal connected May 8, which has been astir the mean since January.
Lead on-chain expert astatine Glassnode “Checkmate” tweeted connected Sunday “Many of you are waiting for the Bitcoin ‘capitulation wick’,” partially confirming the conception that investors expect BTC to proceed to fall. A capitulation wick is usually characterized by a comparatively long, sudden, and catastrophic driblet successful price, similar the 1 witnessed connected March 12, 2020, erstwhile BTC dropped 43% successful a time to astir $4,600.
Many of you are waiting for the #Bitcoin 'capitulation wick'.
If it happens, and it truly is THE capitulation wick, the bulk of folks won't measurement successful a bargain it due to the fact that the fearfulness volition beryllium excessively great.
This is the mode it ever is, and ever volition be.
Tip: person a plan, instrumentality to it
Related: Bitcoin terms people present $29K, trader warns aft Terra weathers $285M ‘FUD’ attack
Market expert Caleb Franzen tweeted to his 11,000 followers connected Sunday that investors should look for markets to proceed trending downward based connected his investigation suggesting we volition stay “short-term bearish.” He concluded by stating that it “seems worthwhile to expect much pain.”
BTC is presently down 10.39% implicit the past 7 days, trading astatine astir $33,806 according to Cointelegraph data.
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