Panic is already reflected in sentiment indicators, but $BTC large on-chain wallets are telling a different story.
The latest data from CryptoQuant and Glassnode paint a sharply divided picture:
• Extremely bearish signals: Bitcoin’s bull market score plunged from 90 in October to 0; apparent demand over the past 30 days fell by 284,000 BTC; and the price dropped below the 200-day moving average ($73,200)
• Signs of quiet buying: Since November 5, hourly buy orders within 5% of the spot price on major spot exchanges have consistently outweighed sell orders, and whale addresses holding 100–10,000 BTC have returned to net accumulation
The short-term holder cost basis above is at $75,600, while $68,000 below is a dense liquidation zone and line of defense. Retail investors are selling at a loss, while whales are casting their nets beneath the order book. What do you make of this round of rotation? #Bitcoin #On-chainData
The latest data from CryptoQuant and Glassnode paint a sharply divided picture:
• Extremely bearish signals: Bitcoin’s bull market score plunged from 90 in October to 0; apparent demand over the past 30 days fell by 284,000 BTC; and the price dropped below the 200-day moving average ($73,200)
• Signs of quiet buying: Since November 5, hourly buy orders within 5% of the spot price on major spot exchanges have consistently outweighed sell orders, and whale addresses holding 100–10,000 BTC have returned to net accumulation
The short-term holder cost basis above is at $75,600, while $68,000 below is a dense liquidation zone and line of defense. Retail investors are selling at a loss, while whales are casting their nets beneath the order book. What do you make of this round of rotation? #Bitcoin #On-chainData