A painful on-chain datapoint just came in: on November 10 alone, short-term holders sent 47,025 bitcoin to exchanges at a loss—the third-highest figure since late July.
The old hands didn't fare much better: 96% of the coins long-term holders sent to exchanges that same day were underwater. They sent 5,950 coins at a loss, and SOPR plunged to 0.82.
Two groups, same move—sending coins to exchanges even at a loss.
Just checked: $BTC 74,185. With the short-term cost basis at 75,700 still looming overhead and 73,000 right below, CryptoQuant's Moreno says that if 73,000 fails to hold and the rebound fizzles, it's a sequel to the bear market.
Time for a snapshot of the crowd: short-term traders have already capitulated and taken losses, the old hands are still holding on and waiting to break even, and the bears are crouched at 73,000, waiting for a breakdown.
A: 73,000 is the bottom. The holders in the red have already handed over their coins—buy with your eyes closed.
B: Selling at a loss is just the beginning. If 73,000 breaks, get out first.
Which side are you on?
$BTC
#比特币 #OnChainData
The old hands didn't fare much better: 96% of the coins long-term holders sent to exchanges that same day were underwater. They sent 5,950 coins at a loss, and SOPR plunged to 0.82.
Two groups, same move—sending coins to exchanges even at a loss.
Just checked: $BTC 74,185. With the short-term cost basis at 75,700 still looming overhead and 73,000 right below, CryptoQuant's Moreno says that if 73,000 fails to hold and the rebound fizzles, it's a sequel to the bear market.
Time for a snapshot of the crowd: short-term traders have already capitulated and taken losses, the old hands are still holding on and waiting to break even, and the bears are crouched at 73,000, waiting for a breakdown.
A: 73,000 is the bottom. The holders in the red have already handed over their coins—buy with your eyes closed.
B: Selling at a loss is just the beginning. If 73,000 breaks, get out first.
Which side are you on?
$BTC
#比特币 #OnChainData