Bitcoin Price Drops Over 9% in Last Month
Bitcoin has experienced a more than 9% drop over the past month, currently trading at around $65,000. This decline has led to investors feeling mainly fearful or disinterested in the cryptocurrency, according to analytics firm Santiment.
Fear Uncertainty and Doubt (FUD) Plagues Traders
- Traders are experiencing a high level of FUD as they continue to capitulate in the face of Bitcoin’s price movements.
- Fatigue among BTC traders, combined with ongoing whale accumulation, typically results in bounces that reward patient investors.
Extreme Negativity Among Traders
- Traders are experiencing a high level of FUD as they continue to capitulate in the face of Bitcoin’s price movements.
- Fatigue among BTC traders, combined with ongoing whale accumulation, typically results in bounces that reward patient investors.
Extreme Negativity Among Traders
Santiment’s data reveals a “Weighted Sentiment” score of -0.800433 for BTC, indicating extreme negativity among traders as they sell off their holdings. Notably, whales are accumulating Bitcoin heavily, with holdings in wallets containing 10 or more BTC reaching a two-year high.
Miner Reserves at 14-Year Low
- Data from IntoTheBlock shows that miner reserves of Bitcoin have dropped to their lowest levels in over 14 years, standing at 1.9 million BTC compared to 1.95 million at the start of the year.
- This marks the smallest stockpile of Bitcoin miners have held since 2010, shortly after Bitcoin’s launch.
Analysts Point to Macro Factors for Potential Upswing
- Data from IntoTheBlock shows that miner reserves of Bitcoin have dropped to their lowest levels in over 14 years, standing at 1.9 million BTC compared to 1.95 million at the start of the year.
- This marks the smallest stockpile of Bitcoin miners have held since 2010, shortly after Bitcoin’s launch.
Analysts Point to Macro Factors for Potential Upswing
Binance CEO Richard Teng believes Bitcoin could surpass the $80,000 mark by the end of the year. He also predicts a more bullish outlook for 2025, citing improving macroeconomic conditions that could benefit the entire crypto industry.
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