economy
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.
TL;DR
- Long-term bitcoin holders (155+ days) have become sellers, offloading about $2.4 billion in recent weeks.
- Investors who bought bitcoin above $90,000 are now capitulating, selling 26% of bitcoin in the past 30 days.
- Bitcoin ETFs have recorded their longest streak of net outflows (12 consecutive days), with net assets falling significantly.
- Bitcoin is down 10% week-to-date due to fear-based selling and liquidations.
- Analysts highlight ETF flows as the primary driver of BTC price appreciation, explaining about 45% of weekly return variation.
- Divergence between bitcoin's performance and the rising stock market is causing investors to question bitcoin's dominant narratives.