Bitcoin's high conviction holders are turning into sellers as the crypto's price hits new lows
In the past two days, bitcoin's highest conviction holders have sold about $2.4 billion in bitcoin.
Bitcoin's price hitting new lows creates a trigger point for even traditionally 'high conviction' holders to reconsider their positions.
This indicates a potential shift in deeper market psychology for crypto, suggesting a broader loss of confidence beyond mere price volatility.
The market dynamic for Bitcoin is altered, moving from a holding strategy to a selling strategy even among its strongest proponents.
- · Bitcoin holders
- · Crypto exchanges
- · Decentralized finance (DeFi)
Increased selling pressure on Bitcoin as more long-term holders exit the market.
Potential contagion across other cryptocurrencies as overall market sentiment deteriorates.
Heightened regulatory scrutiny on the crypto market due to perceived instability and investor losses.
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Read at CNBC — Technology