Extensive Loss of $5,690,000,000 in Bitcoin on Exchanges Over 48 Hours - Key Insights Revealed
In a surprising turn of events, the cryptocurrency market is experiencing a significant downturn, with Bitcoin leading the charge. Over the past 24 hours, Bitcoin's price has dropped by 1.44%, trading at $113,683. This marks one of the heaviest loss-driven moves in weeks, according to community analyst Maartunn at CryptoQuant.
Ethereum and XRP also took damage in the market retreat, although specific loss amounts are not mentioned. The losses are part of a broader market retreat, causing the total worth of major cryptocurrencies to fall below $4 trillion.
Maartunn observes that short-term holders are selling at a loss, with 50,026 BTC or $5.69 billion arriving at exchanges at a loss from this class of Bitcoin holders over two days. This could mirror the prolonged loss-taking seen from late February to late May, according to Maartunn.
Despite the recent losses, Bitcoin has had a strong run this year. It reached a record high of $124,533 on Aug. 14, and April through July marked four straight months of gains. However, August is frequently associated with quieter trading activity and lower volume.
The profit-taking spike in Bitcoin is significant, as it is one of the largest since December 2024, according to Glassnode. On July 18, Bitcoin holders who have held over a month realized over $1.5 billion in profits, marking the largest profit-taking spike since that period. The exact number of Bitcoin holders who have held for over a month and realized profits is not specified.
Contrary to recent reports, there is no information in the search results indicating a person who bought a total of $51.4 billion worth of Bitcoin from August 11 to 17, 2021.
Deposits to exchanges often imply an intent to sell, as the market has seen a drop since the start of the week, with $441 million liquidated in the last 24 hours. This could signal a potential for further losses in the coming days.
However, institutional buying, led by digital-asset treasury companies, contributed to Bitcoin's record high. The future of Bitcoin and the broader cryptocurrency market remains uncertain, but the resilience shown in the past suggests that it may bounce back.
As always, it's essential to approach the market with caution and make informed decisions based on reliable data and analysis.
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