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Saturday, December 3, 2022

Bitcoin Did See Its Market Buyers Capitulating On Loss

The fact that Bitcoin has been spot trading below a price of $20,000 has definitely seen a new event of capitulation that encompasses an entire season’s worth of potential buyers- according to research. In one of the market updates of Quicktake on the 29th of September, CryptoQuant- a platform that deals in on-chain analytics, went ahead and flagged some intense selling that was done by a massive number of recent hodlers.

With the exchange barely crossing the levels that it has been at since 2020, it would be safe to assume that it is not just the miners that have to feel the stress. After analyzing the Exchange Inflow Spent Output Ages Bands of the cryptocurrency, the contributor of CryptoQuant- Edris- went ahead and highlighted the idea that those who had purchased their coins between April 2021 and 2022 have been selling them in chunks. 

Bitcoin Investors Have Been Selling The Cryptocoins Enmasse

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Edris went on to conclude that if a look was taken at the chart, it would be evident to everyone that the coins aged between 6 and 18 months have already been met with some aggressive selling. The Bitcoins were purchased between April 2021 and April 2022 at a price that was above $30K. This does imply that there have been many holders who had come into the market during the 2021 market session, and have capitulated with a loss of around 50%. 

For those who are unaware, SOPR usually divides the price that has been paid for a particular number of Bitcoins by the price that it has been sold at. The resulting figure then ends up oscillating at around1- with the values indicative of the position of the bear market as most of the investors would be looking to minimize their overall losses.

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