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- Bitcoin newbie holders are observed selling in a panic since Elon Musk hinted to sell its BTC stash
- Where fresh holders are exiting their position, old hands are still hodling
- Glassnode revealed that 1.1 million BTC wallets had spent all held coins
- BTC has been observed plunging by more than 28% since last achieved ATH
Bitcoin newbies in the market are observed selling heavily at a loss in recent days. Recently, Elon Musk, the CEO of Tesla, hinted that soon he would be selling its stash and not support something that is impacting the climate. Observing the current market condition, it is found that the worried investors are selling in response to Musk’s indications. However, due to the signs of Musk, the prices in the BTC market were observed tumbling to their lowest levels on Monday.
Bitcoin witnessing newer traders exiting their position
According to Glassnode, an on-chain analytics provider, the recent crash in Bitcoin price has predominantly seen newer traders moving from their position at a loss. However, the analytics provider also revealed that the BTC hodlers are still standing on their grounds.
Notably, BTC’s adjusted Spent Output Profit Ratio (aSOPR) shows the profit or loss of the last on-chain transaction, which was observed plunging below 1.0 after the crash. According to experts, such aSOPR data indicates aggregate losses being realized on-chain.
1.1 million BTC addresses have spent all coins held
According to Gloassnode, the total number of addresses holding more than zero BTC has retreated by 2.8% from it’s all-time high. The fact came amid more than a million traders liquidating their positions. The on-chain analytics provider highlighted that a total of 1.1 million addresses had spent all BTC they held during this crash. Simultaneously, the condition of the market has again provided evidence that panic selling is currently underway.
Bitcoins have shed almost 28% since April
Near mid-April 2021, Bitcoin achieved a new all-time high at the level of $63,600. Since then, it is observed that the leading crypto coin has shed more than 28%. Glassnode asserted that the volatility in the share of BTC’s supply represented by short-term traders is signalling panic selling. BTC held by short-term traders has recently hit a peak of 28% of the circulating supply and is now shedding. However, the recent plunges in the crypto market are the most profound correction of the bull market.
