Bitcoin Whale Addresses Hit their Lowest Level in 29 Months…Details Here
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Answer Bitcoin Whale Addresses Hit their Lowest Level in 29 Months…Details Here
Bitcoin whales, which are often seen as more influential than small fish, have also been affected by the recent market movement.
Currently, the world’s largest cryptocurrency Bitcoin (BTC) continues to face strong selling pressure amid uncertainty in global markets.
Over the weekend, the price of Bitcoin fell below $19,000 with analysts expecting further declines.
According to existing data, the holdings of Bitcoin whales have continued to decline for 100 months in a row.
According to the data provider across the chain saint:
Amid fears of inflation and a global recession, addresses that hold $100 to $10,000 of their bitcoins have slashed to a 29-month low.
Read:NFT sales in the last 30 days are down 88% from 8 months ago
These numbers clearly show the sentiment of Bitcoin investors who remain very cautious given the current macro environment.
Also, according to data on CryptoQuant, the number of short positions in Bitcoin derivatives is increasing.
The CryptoQuant post stated that:
Bitcoin holdings in the derivatives trading platform increased right before the Bitcoin dump.
Also, it appears that the whales intentionally opened short positions in the derivatives trading platform and lowered Bitcoin prices.
Bitcoin interest rises:
As is well known, Bitcoin and other altcoins witnessed a sharp correction, as a result, social interest in Bitcoin touched a new high in two months.
According to the “Santiment” report:
There was a surge in interest in Bitcoin on social platforms this weekend.
Among the top 100 crypto assets, bitcoin has been the topic in over 26% of discussions for the first time since mid-July.
As Bitcoin records its third consecutive daily loss, the Fear and Greed Index is also moving towards extreme fear.
Read:European Central Bank director warns of free banking services?
Earlier today, the Fear and Greed Index dropped from 24/100 to 21/100.
The bears are looking to levels below $18,000 if the sell-off in the broader market continues.
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