RATE Group | Blame These Traders for Bitcoin Price Crash
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Blame These Traders for Bitcoin Price Crash

01 Oct Blame These Traders for Bitcoin Price Crash

Posted at 13:55h in Bitcoin News by

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Blame These Traders for Bitcoin Price Crash 101
Source: iStock/kokouu

Recent bitcoin selling pressure actually originated from short-term traders that got bitcoin at prices between USD 10,000 and USD 12,000, claims crypto market analysis firm Coin Metrics.

By analyzing the composition of their realized capitalization measure, introduced as a reportedly more precise alternative to market capitalization, the firm discovered “important information about the psychology of current owners,” and they’ve presented the change in the number of BTC in each cost basis bin between the day before the start of the sell-off when bitcoin was at USD 10,000, which was September 20th, and October 1st. In their recent report, they’ve included three groups of traders:

  1. Owners with a cost basis above USD 13,000: before the market sell-off, some BTC 720,000 belonged to this group, while almost all BTC remained dormant during the sell-off, with only 4,140 moved in the last nine days, based on the analysis of on-chain activity, which suggests…

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