Earlier on, the value of Bitcoin crashed from on top of $10,000 to a coffee of simply over $7,900. The abrupt drop looks to possess caused associate degree abrupt shift within the sentiment encompassing the business.
With the much-anticipated Bakkt platform’s launch coinciding with the beginning of the downtrend. Several optimistic for the ICE-owned venture’s impact on the market. Though not providing reasons for the sales event. On-chain knowledge suggests that abundant of the drawback pressure was from short Bitcoin holders.
Long-Term Bitcoin Holders Unmoved by Swings
According to the knowledge provided by GlassNode Studio, the recent sales event within the Bitcoin market has been caused by short holders of the cryptocurrency. The firm’s researchers have reached these conclusions by watching 2 on-chain metrics.
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