Bitcoin’s Plunge Is Underway

Bitcoin's Plunge Is Underway

Bitcoin Status

Bitcoin (BTC) dipped below the $25,000 support on June 12 amid deteriorating macroeconomic conditions. U.S. two-year Treasury yields closed at 3.10% on June 10, the highest level since December 2007. The Fed will hold its debt instruments at higher interest rates and expects inflation to remain an ongoing challenge. The market is now predicting that the rate hike may reach 75 basis points. In this environment, the sell-off of Bitcoin has added more pressure to the cryptocurrency market.

MicroStrategy (Micro Strategy) US Nasdaq-listed analysis and business Intelligence company, if Bitcoin plummets to $21,000, you need to pay extra margin to guarantee your position. Bitcoin has fallen below $21,000 this time. It is expected that the micro strategy has already increased the position and did not announce the news of the liquidation. This is a digression. Of course, this is just a microcosm of US listed companies and institutions Stud Bitcoin. The current fundamentals have too much impact on the overall environment, which has caused the current situation.

On-chain data analysis performance

While the pain to the ecosystem as a whole from this slump cannot be underestimated, the silver lining that analysing on-chain data can give you is that the worst has already begun. This theory will also be confirmed in the coming days, but on-chain data shows that not all traders are terrified of the digital currency’s yearly lows. Since the old Terra (LUNA), now known as Luna Classic (LUNC), began to crash in early May, wallets with less than 1 BTC in cold storage and whale wallets with more than 10,000 BTC have been in accumulation mode.

Bitcoin Cumulative Trend Grading

According to blockchain data provider Glassnode, “Whale wallet net balances have increased by +20,863 since the Luna crash on May 9,” adding a total of 96,300 BTC since its all-time high (ATH) in November.

Whale wallets have also been busy during this time, as “the group’s peak monthly change is around 140k BTC/month,” adding a total of +306,358 BTC since its all-time high in November.

The data shows that although the current market has been falling, big players and institutions are increasing their positions. The data analyzed above should first emphasize whether everyone should start buying a lot now, but also need to wait and remember strictly. Control your positions carefully!

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