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In the meantime, investors continue to transfer BTC to exchanges.
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Summarize with AI
Summarize with AI
Bitcoin’s price has been on an evident downfall for the past month and a half, losing over 30% in value since its all-time high marked in early October.
The bottom, so far, occurred on Friday, when it plunged below $81,000 for the first time since April, and bitcoin has since regained roughly $5,000.
However, Ali Martinez outlined a more painful picture, claiming that he asset has previously bottomed between the green and blue Pricing Bands. If that happens again now, it would mean another crash of up to 50% if BTC dumps to $44,700, where the blue one sits.
What could be further troubling for the largest cryptocurrency is the behavior of certain investors. As reported earlier, some whales have been disposing of significant quantities of their assets, including a few OGs.
Those utilizing the spot Bitcoin ETFs in the United States have also been offloading their assets. More than $1.2 billion left the funds in the past week alone despite the more positive Friday. BlackRock’s IBIT has been on a particularly violent streak.
Furthermore, Martinez said the number of BTC sent to exchanges in the past week has skyrocketed to 20,000 units. This substantial stash, worth almost $2 billion, is likely transferred to trading platforms with the intent to sell.
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Additionally, the popular analyst warned that capital inflows into the entire crypto market have slumped from $86 billion just three months ago to $10 billion now. These developments suggest that BTC, alongside the rest of the market, might not be out of the woods just yet.
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Source: https://cryptopotato.com/bitcoin-drops-30-from-ath-analyst-warns-the-real-bottom-may-be-far-lower/
