At the peak of its market value, Bitcoin was worth $19,783 on December 17th 2017. Since then it has been losing ground as a medium for investment and storage due to various factors which include regulatory restrictions around use in everyday transactions. As some holders sell coins over time and others hold hoping that prices will rebound, there is now more than half a billion dollars worth of Bitcoins available for sale off-market via open orders on exchanges.,
The “intel bitcoin mining chip price” is a topic that has been discussed on the cryptocurrency market. The distribution was started by long-term hodlers who believe that the price bottoms will soon be reached.
On June 4, Bitcoin (BTC) remained stuck in a narrow range as traders’ desires for a new macro bottom continued.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Long-term investors are starting to ‘distribute’ their holdings.
BTC/USD remained locked between $29,000 and $30,000 throughout the weekend, according to data from Cointelegraph Markets Pro and TradingView.
The pair had recovered to around $31,000 the day before, but bulls’ attempts were dashed in the last Wall Street trading session of the week.
With low volumes and no volatility in “out-of-hours” markets, all eyes were on the probable direction of what would be an imminent breakout.
“The weekly chart of Bitcoin seems to be nothing short of a disaster, indicating that the trend will continue. I believe we will stabilize in this range for a bit longer before plunging “Cryptocurrency Tony made the announcement in a series of tweets on the day.
A subsequent article repeated a projected price range of $22,000 to $24,000 for Bitcoin if the forecasted decrease materialized.
“I’m hoping for a further reduction to $24000 – $22000, but distribution takes time. So, before any drops, we may be loitering near these support zones “it was written.
Others, like as prominent Twitter account Cryptotoad, intended to take advantage of approaching weakness by accumulating at $27,000 and below in what would be a “swing low” for BTC/USD.
I’m not sure what you’re going to do, but my objective is to start building up my long term position at the swing low of 27k and work my way down to the 0.382 fib at 21.5k.
pic.twitter.com/JCdHv0pMdr #btc #bitcoin
June 4, 2022 — Cryptotoad (@Mesawine1)
Other sources eager on lower lows for Bitcoin, according to Cointelegraph, ranging from on-chain experts to well-known commentators like Arthur Hayes, the former CEO of BitMEX.
Data from on-chain analytics platform CryptoQuant added fuel to the flames, indicating that long-term investors were beginning to sell their holdings in a textbook bear market move.
In one of the site’s QuickTake market reports on June 3, contributing analyst Edris noted, “Long-term holders capitulation phase has started.”
Edris made analogies to situations that followed generational troughs in Bitcoin’s history when commenting on a chart showing long-term investors’ Spent Output Profit Ratio (SOPR). The 2014 and 2018 bear markets, as well as the March 2020 COVID-19 cross-market catastrophe, were among them.
“Right now, long-term holders are entering the capitulation phase and selling at a loss, suggesting that the wise money accumulation period has started, and the following few months would give a tremendous chance for long-term investment in the market,” according to the article.
Such a surrender “typically signifies a multi-year low,” according to the report.
SOPR annotated graphic for Bitcoin long-term holders (screenshot). CryptoQuant is the source of this information.
Large purchases are still being made on the exchanges.
Meanwhile, exchange statistics revealed that outflows were outpacing inflows in recent days, indicating that some were already buying the downturn.
More than 200K bitcoins are currently held in Bitcoin ETFs and other institutional products.
On June 3, netflows from major exchanges reached -23,286 BTC, the largest since May 14, according to on-chain analytics company Glassnode.
Chart of bitcoin exchange netflows. Glassnode is the source of this information.
Glassnode chief on-chain analyst Checkmate also outlined groups of investor now least interested in selling in the newest issue of its newsletter, “The Week On-Chain,” which discussed long-term holding behavior earlier this week.
Those who purchased around the all-time highs in November 2021, in particular, “appear to be rather price insensitive,” he noted, adding that the investment profile was becoming more made up of such obstinate hodlers.
“They are hesitant to let their coins go despite ongoing price declines and a large spot liquidation event of 80k+ BTC,” he said.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “how long is the crypto bull run” is a question that has been asked by many investors. The answer to this question depends on how long you have been holding your coins. If you have been holding for more than a year, then it’s likely that you will be part of the distribution.
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