- In a most curious turn of events, the crypto fear and greed index plummeted a staggering 24 points in a single day.
- Yet, the realized losses metric reveals that Bitcoin investors are not, in fact, stampeding for the exits, unlike the frenzied days of late 2022.
Ah, the esteemed Kobeissi Letter has posited that the recent crypto calamities may well be attributed to a most unfortunate drying up of liquidity. How delightful!
On the 24th of February, Bitcoin [BTC] gracefully shed 4.89%, while the total crypto market capitalization took a nosedive of 6.65% within the span of a mere 24 hours, as we pen this missive.
Our dear crypto fear and greed index, once a robust 49, now languishes at a pitiful 25, signaling a state of extreme fear. How charmingly dramatic!
Meanwhile, Bitcoin ETF outflows and the S&P 500’s own losses, which fell 1.19% from the day’s lofty heights to its dismal lows, may elucidate the swift shift in sentiment. A veritable soap opera!
Citadel Securities, in a rather bold move, seeks to become a liquidity provider for cryptocurrencies, which might have been a classic “sell the news” affair. How quaint!
BTC anticipates further losses in the short term as…
Our astute crypto analyst, Axel Adler, has employed the Realized Profit and Loss metric to illuminate that total realized losses remain, dare I say, moderate. Adler has observed that the realized losses of the past quarter are but a whisper compared to the panic selling of late 2022.
While some holders are locking in losses, this suggests a market that is, in fact, healthier, with sustained demand and a relatively positive sentiment. Investors are not rushing to exit at any price; those who do sell are decidedly more selective. How civilized!
The long-term price trend, dear reader, remains on an upward trajectory. Large drawdowns are, after all, a common occurrence in a bull run, yet the online sentiment is decidedly bearish. Quite the paradox!
The realized BTC losses indicate that the overall uptrend may remain unscathed, as our analyst so sagely concludes.
The Realized Cap UTXO Age Bands metric, a veritable tapestry of data, illustrates the distribution of the realized market cap by age bands. Each colorful band represents the ratio of the realized cap of UTXOs last moved within the specified period. How delightfully intricate!
When we compare current trends with the annals of previous Bitcoin cycles, we observe an increase in the realized cap share of 1-month to 6-month UTXOs. This often heralds periods when prices continue to tumble. A most unfortunate trend!
However, the older age bands have remained steadfast since January, indicating a commendable faith from long-term holders. How reassuring!
In conclusion, while short-term volatility and increased losses appear likely—especially as the price flirts with breaking below the $92k support zone—long-term holders have no reason to panic, at least not yet. A delightful twist in our tale!
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2025-02-25 16:10