Investors sold bitcoins for a $1,900,000,000 loss
Representatives of the analytical company Glassnode reported that on November 18, a lot of bitcoins were sold. Due to the collapse of FTX, investors decided to fix their losses and in total they lost $1,900,000,000. Throughout history, this case is among the top 4 massive sales of the flagship cryptocurrency.
The top 3 of these cases included the loss of assets in the amount of $2,000,000,000 after the loss of Terra (LUNA) in May 2022. The top 2 recorded losses are occupied by the case that occurred in June 2021. Then investors in total recorded minuses of $2,200,000,000. The biggest recorded loss was the massive sale of BTC in June this year. Then investors in total lost about $2,500,000,000.
In November, the flagship cryptocurrency hit two-year lows twice. As of November 22 at 12:20 UTC +2, the value of the main crypto asset reached $15,649, and the total trading volume that traders conducted exceeded $37,000,000,000. At the time of writing, BTC has corrected well and its value is already above $16,500. However, most analysts and experts claim that the fall will continue and will most likely reach $10,000 per 1 BTC.
Glassnode noted a sudden spike in the accumulation of the main cryptocurrency on November 16th. On large wallets, where 10,000 BTC were stored, another 30,000 bitcoins appeared. On the same day, the CME Group, which is associated with trading on exchanges, recorded a record ratio of short and long positions in BTC futures. The net deficit then amounted to 430 contracts, which indicates the highest figure in the history of Bitcoin trading.
4 days ago, Bitcoin and the S&P 500 showed a negative correlation of -0.74. A similar situation occurred at the end of 2021. At the same time, the activity of bitcoin addresses reached the highest level. At that time, taking into account the previous six months, the network discovered the connection of new 1,100,000+ unique wallets.
Another record figure was recorded a month ago. Due to the very rapid growth of the flagship cryptocurrency, many short positions were liquidated. Then it exceeded the mark of $331,800,000 and reached its annual maximum.
Comments