Bitcoin
Bitcoin Liquidation Hits Record Highs; Ethereum attracts new investors
Bitcoin is sinking and investors are abandoning ship!
As Bitcoin Price is experiencing a recession, data from behavioral analytics platform Santiment reveals a significant trend: Bitcoin holders are withdrawing their assets from their wallets at an unprecedented pace. This trend reflects activity seen before Bitcoin reached its all-time high in March, but unlike then, the current trend reflects growing concerns about potential losses.
Is the Bitcoin bubble about to burst?
Drop in Bitcoin holdings
Santiment reports that the number of Bitcoin wallets holding any amount of BTC has seen its most significant three-day drop since March 14. This decrease signals a massive sell-off as the price of Bitcoin continues to fall.
Investor anxiety spikes
Currently priced at $65,651, Bitcoin has fallen from over $71,000 earlier this month and reached its mid-March peak of $73,000. Bitcoin’s rapid exit from wallets suggests that investors are increasingly concerned about further price drops.
BTC’s 30-day change is -2.1%, with a 7-day change of -3.5% and a 24-hour change of -0.8%. These numbers show the growing anxiety among Bitcoin holders, leading them to sell to avoid possible losses.
Ethereum gains popularity
In contrast to the decline of Bitcoin, the number of wallets holding Ethereum is increasing. This indicates growing interest and confidence in Ethereum despite its recent price fluctuations. Currently priced at $3,448.3, Ethereum was above $3,850 earlier this month. Despite a variation of -3.1% in 7 days and -3.3% in 24 hours, Ethereum registered an increase of +10.6% in 30 days.
The contrasting trends in Bitcoin and Ethereum holdings highlight the changing dynamics in the cryptocurrency market. As Bitcoin holders react cautiously to price drops and sell-offs, Ethereum is gaining new investors and showing resilience.
Read too: Bitcoin, Ethereum and XRP price prediction: Is the bull rally over?
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