😱💸 Bitcoin Bites the Dust: Speculators’ $100M Meltdown 💸😱

by

In the latest testament to the fickle whims of fortune, Bitcoin‘s band of speculators have managed to divest themselves of a cool $100 million in a mere six weeks, thanks to a delightful episode of panic selling. 📉😱

Data from the oracles at CryptoQuant has laid bare the grim spectacle of short-term hodlers (STHs) throwing in the towel like it’s going out of fashion.

Bitcoin Speculators Flee in a Blaze of Red Ink

Those poor souls who dared to hodl Bitcoin for a mere one to three months have been thoroughly trounced by the capricious bull market, with many opting to abandon ship rather than face the music. 🚀🌊

CryptoQuant posits that this unfortunate segment of the STH investor club, those who bought into the dream up to six months prior, have found themselves approximately $100 million lighter in the wallet. 🤑👻

“A significant haircut has been administered to the value of Bitcoin in their hands,” quipped Onchained in a recent “Quicktake” blog post, no doubt with a wry smile. “Many purchased at exorbitant prices and are now making a hasty exit, their tails between their legs.” 🐶💨

Onchained further mused on the market cap and realized cap of these entities, comparing the current worth of their BTC hoard to the price at which they last fiddled with it onchain.

“Their market capitalization has taken a dive below the realized capitalization, a sure sign that these holders are crystallizing their losses,” the post continued. One can almost hear the tinkle of schadenfreude in the author’s voice. 🎶💰

“This delightful behavior is only adding to the selling frenzy, which could, in turn, lead to even more delightful downward spirals in the immediate future.”

For your viewing pleasure, an accompanying chart illustrates the rather dramatic weekly nosedive in the realized cap, a spectacle not seen in many a moon. 📉🌙

The cohort’s net unrealized profit/loss (NUPL) score, currently wallowing at -0.19, suggests that more coins are drowning “underwater” than at any point in the past year. 🏊‍♂️🌊

Bitcoin Price Plummets Amid a “Broader Bearish Phase”

February proved to be yet another tribulation for Bitcoin’s newest adherents, with BTC/USD shedding a whopping 30% since its January highs. 📉🌟

As CryptoMoon reported, such abrupt corrections have a penchant for leaving speculative investors out in the cold, with profitless sales becoming the order of the day as fear and panic take hold. 🌬️🏃‍♂️

Meanwhile, the big fish are nonchalantly ignoring BTC’s short-term price hiccups, content to add to their hoard at the paltry sum of $80,000 per coin. 🤑🐟

CryptoQuant’s latest weekly missive, as seen by CryptoMoon on March 12, warns that this correction may be a bit more tenacious than it appears. A bit like a badger with a grudge, perhaps. 🦡😠

“Bull market corrections are typically brief and followed by a robust rebound,” it opined, “but current on-chain indicators hint at a potential seismic shift that could herald a longer spell of bearish revelry.”

Read More

2025-03-14 12:53