In just barely two weeks, Newsonline reports that Bitcoin has lost almost $7,000 or 11.81% from $40,269 to currently trade $33,512 as of the time of this writing, as sell-off continues to deepen in the cryptocurrency market alongside technology stocks listed on the U.S. exchanges.
In fact, the number of Bitcoin whales is rapidly decreasing to levels not seen since earlier this year, possibly due to the three-month high of coin inflows to centralized exchanges. On-chain analytic tracker Glassnode has issued several bearish indicators for the flagship cryptocurrency asset, including data suggesting a market exit for whales holding at least 1,000 coins, and exchange inflows of more than 1.7 million coins, the most since February.
Due to the massive sell-off being witnessed, we are seeing the cryptocurrency market capitalization trade $1.52 trillion, the lowest since January 2022, when we experienced selloffs as a result of inflationary concerns and reduced participation in the market.
Market analyst, Caleb Franzen tweeted on Sunday that investors should look for markets to continue trending downward based on his analysis suggesting we will remain “short-term bearish.” He concluded by stating that it “seems worthwhile to expect more pain.”
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