Business News Asia
Bitcoin price has fallen by 20% in the past week. While bitcoins with a total value of over $1.3 billion were pulled from the exchanges in the last 3 days.
Data from On-Chain shows that the number of withdrawals has increased exponentially in recent days. Although the price has dropped drastically, more than 23,000 BTC have been withdrawn.
This is close to the latest reports showing that the largest BTC holders have come back to buy more Bitcoins. With this, they now hold more than $200 million in BTC.
The data shows that the decline of bitcoins on the exchanges is likely to reduce the selling pressure.
Most bitcoin investors are in a profitable position after the price peaked at $69,000. However, after that, the price dropped by more than 20% and fell below $56,000 on Wednesday.
Bitcoin is currently trading at $58,478.83 as of 6:30 p.m. ET.
The decline has put more than 17% of holders in a “loss” position, but 83% of holders are still in a “gain” position. These are the long-term holders (LTH).
Even the holders of long positions made slightly less profit. However, most of the purchases in the recent price range were mostly made by short-term holders and very likely resulted in losses.
The Spot market is Closed
Saturday, November 20, 2021