Price of Bitcoin dropped as much as 9%, hitting its lowest point since late July
According to cryptoquant According to data shared by Ali Martinez, bitcoin miners have gained over $25,000 from previous bitcoin price increases. According to the chart provided, miners sold 5,925 bitcoins during the past two weeks for a total value of approximately $142 million. This shows that aggregate miners seized the opportunity to take in some liquidity following the recent price hike, possibly to strengthen their balance sheets and reduce risk. Minor stress appears to be resuming from earlier decline. It declined slightly after peaking in June as the BTC price dipped below $20,000.
As reported by U.Today, long-term holders, particularly those who purchased their Bitcoin close to the market top in 2021-2022, also had a role in the selling pressure on the currency.
According to Glassnode, since the LUNA collapse in May, there has been a net outflow of -300,000 BTC from long-term bitcoin holders (LTH) and exchanges in favor of short-term holders (STH).
On-chain analytics firm Santiment earlier flagged that Bitcoin profit takes were rising as its price fell from the $23,000 mark.
Bitcoin is now testing its “real value”
Cryptocurrencies experienced a huge sell-off as markets across the globe fell due to rising monetary policy uncertainty. The price of bitcoin fell by 9%, hitting its lowest level since late July. At the time of writing, the largest digital coin had cut losses slightly and was trading at $21,742, down 7.31%. According to data from Coinglass, $552.79 million worth of positions in the cryptocurrency were liquidated in 24 hours, with bitcoin accounting for a total of $203 million.
At its price of $21,742, Bitcoin is presently trading below the realized price, which is $21,773, which represents the average value of the BTC coin supply as of the most recent on-chain transaction. With BTC prices below the realized price, the short-term outlook remains mixed. The crypto fear and greed index has returned to “fear,” indicating apprehension levels on the market.
