$2.4 Billion Worth Of Bitcoin Exit The Network As Bear Market Bites
The Bitcoin market is experiencing a wave of uncertainty as a recent analysis by CryptoQuant reveals a significant shift in investor behavior. Roughly $2.4 billion worth of Bitcoin, likely acquired by investors this year, has moved within the network, sparking debate about the reasons behind the exodus. Related Reading: Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared Short-Term Jitters Drive Sell-Off Experts believe these outflows are driven by short-term investors who made a foray into the market in early 2023. Back then, anticipation surrounding Bitcoin....
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The crypto economy has slipped under the $1 trillion mark to the $970 billion range, as a large number of digital currencies have lost more than half their USD worth since November 2021. Bitcoin is down 70% from the all-time high last year, and a new report from Glassnode Insights calls the current bear market “a bear of historic proportions,” while highlighting that “it can reasonably be argued that 2022 is the most significant bear market in digital asset history.”
Glassnode Researchers: ‘Bitcoin Is Currently Experiencing the Largest Capital....