Investors are selling Bitcoin holdings due to prolonged bear market, reveals a new report from Glassnode. The majority of these investors are those who bought BTC during its peak around $69k.
Investors are selling Bitcoin:
Crypto market has been in extreme bearishness since currency made its ATH of $69k in November 2021. Long bearish trend of crypto market seems to an end as BTC crossed $43k price mark. Currently, it is exchanging hands at $43,500. A recent report from crypto data analytics firm, Glassnode, has revealed that prolonged bear market is causing investors to sell their BTC holdings. Investors selling Bitcoin holdings are those who bought it around ATH of currency.
Report further detailed that investors are selling Bitcoin holding in the price range of $35k to $38k. More than 50% of coins has already been sold which were once bought above $60k. The reason for this sell off can be the uncertain situation created by Russia-Ukraine conflict. Report also mentioned that despite prolonged bear market, some investors are still holding BTC.
Retail Investors selling Bitcoin but whales continue to amass bitcoin according to on chain metrics. In the last month, number of whale addresses climbed to a new ATH indicating the whales are unfazed by macro uncertainties.
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