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Blockchain

Bitcoin’s Average Trader Monthly Swings Back to Sink for the First Time Since July

by Miki 09/10/2021
by Miki 09/10/2021 0 comment

After recording a 10% daily loss on September 8, Bitcoin (BTC) has found itself on a negative trajectory as the leading cryptocurrency dropped from the $52K level to the $42K area.

Webp.net-resizeimage (21).jpg

BTC was down by 8.08% in the last seven days to hit $45,994 during intraday trading. Therefore, this significant pullback has made the traders’ monthly returns slump. Crypto analytic firm Santiment explained:

“The average Bitcoin 30-day trader returns are in the red for the first time since July, implying a lower than average risk opportunity to buy. A return of -3% isn’t extreme for this timeframe, but it’s an encouraging sign that euphoria has cooled off.”

Image

Before this crash, miners sold more than 300,000 BTC, as acknowledged by IntoTheBlock. The on-chain metrics provider noted:

“Bitcoin miners appear to have been selling over 300K BTC in the days prior to the recent crash. This does not necessarily mean miners caused the crash, but does highlight the miner’s cautious stance as their holdings reach a new all-time low.”

Image

On the other hand, the Bitcoin futures perpetual funding rate turned negative, which illustrated a tendency to short the leading cryptocurrency as over-leveraged longs were flushed out of the market.

Is a bullish impulse expected?

According to market analyst Will Clemente:

“Another bullish impulse of BTC moving to long-term investors and coins coming off exchanges.”

Image

Glassnode echoed these sentiments by acknowledging that Bitcoin balance on exchanges reached a 3-year low.

On-chain data provider Dilution-proof believes that the recent dip was a technical correction meant to clear excess leverage in the BTC market because illiquid supply didn’t move, coins left exchanges, and experienced holders didn’t sell. 

Image

Cryptocurrencies exiting exchanges and being held by long-term investors are bullish because it signifies a holding culture.

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

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      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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