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Bitcoin Sell-Off Reaches Record Levels; Ethereum attracts new investors
As the price of Bitcoin takes a dip, data from behavioral analytics platform Santiment reveals a significant trend: Bitcoin holders are moving assets out of their wallets at an unprecedented rate. This trend mirrors the activity seen before Bitcoin reached its all-time high in March, but unlike then, the current trend reflects growing concerns about potential losses.
Bitcoin wallets see the biggest decline in holdings
Santiment reports that the number of Bitcoin wallets holding any amount of BTC has seen its largest three-day decline since March 14.
This decrease indicates a massive sell-off as the price of Bicoin declines.
Currently priced at $65,651, Bitcoin has fallen from over $71,000 earlier this month and its mid-March peak of $73,000.
Growing fear among Bitcoin investors
Bitcoin’s rapid exit from wallets suggests that investors are increasingly concerned about further price declines. The 30-day change in BTC is -2.1%, with a 7-day change of -3.5% and a 24-hour change of -0.8%. These figures highlight the growing anxiety among Bitcoin holders, pushing them to sell to avoid potential losses.
Ethereum gains popularity
In contrast to Bitcoin’s decline, the number of wallets holding Ethereum is increasing. This indicates growing interest and confidence in Ethereum, despite recent price fluctuations. Currently priced at $3,448.3, Ethereum traded above $3,850 earlier this month. Despite a 7-day change of -3.1% and a 24-hour change of -33%, Ethereum recorded a 30-day increase of +10.6%.
The contrasting trends in Bitcoin and Ethereum holdings highlight the changing dynamics in the cryptocurrency market. While Bitcoin holders react to price drops with caution and sell-offs, Ethereum is gaining new investors and showing resilience. This evolving landscape suggests a potential shift in investor preferences and strategies in the cryptocurrency market.
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