One explanation is that many new and inexperienced traders have joined the market. On-chain analytics firm Glassnode’s founders Jan Happel and Jann Allemann had another: “There is excess greed in the system, with 60% of contracts levered 20x or more."
Hodl on! After being held 3 months, Bitcoins are rarely sold again
Data revealed by on-chain analysis revealed that nearly all those who acquired Bitcoin have held it for at least 90 days—and most only sell in volatile bull markets
In its research, Glassnode divided Bitcoin owners between long-term holders who own coins more than 155 days old, and short-term holders owning coins younger than that. The firm discovered that “once a coin passes our 155 day threshold to become a LTH held coin, it is increasingly unlikely to be spent on a statistical basis, often only coming back to life during volatility and at higher prices in bullish markets.”
Markets Report: Is Bitcoin heading below $20,000?
A last trip below $20,000 to wipe out longs would not be ‘surprising,’ one analyst says, but bulls may not even allow that, others argue
Bitcoin bounced around $23,000 on December 22 as anticipation built over fresh institutional buy-ins. After Monday was characterized by weakness with a retracement to $21,800, Bitcoin staged a modest recovery on Tuesday, at press time seeking to reinforce $23,000 support once again after highs of $23,400.
BitMEX users pull $340 million following criminal, civil charges
BitMEX users withdrew over 32,200 Bitcoins from the platform after the CFTC and Department of Justice hit the derivatives exchange with anti-money-laundering violations. Bitcoin promptly tanked
The users of cryptocurrency derivatives exchange BitMEX withdrew nearly one-fifth of all the funds stored in the company’s wallets.