THE DAILY ENCRYPT

October 3, 2022

Collectively the investors of Bitcoin have lost a staggering $7.3 Billion in just three days

According to Glassnode, approximately 555,000 Bitcoin were exchanged in the $18,000-$23,000 range over the three-day period. Many sellers had originally purchased BTC at higher prices....
Photo by geralt

According to Glassnode, approximately 555,000 Bitcoin were exchanged in the $18,000-$23,000 range over the three-day period. Many sellers had originally purchased BTC at higher prices.

Short-term investors reached a Spent output profit ratio equal to the 2018 bear market. This means that their overall profits are down. However, some long-term owners experienced “deep capitulation” after purchasing Bitcoin at its all-time high of almost $69,000 and then selling it for closer to $18,000.

“Almost all wallet groups, from Shrimps to Whales, have massive unrealized losses. This is worse than March 2020. Glassnode stated that the most profitable wallet cohort holds 1-100 BTC.

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GlobalBlock’s cryptocurrency analyst Marcus Sotiriou stated that Bitcoin could be at a temporary bottoming point. The cryptocurrency has historically bottomed when its Percent Supply In Profit (PSP), is 40 to 50%.

Sotiriou stated Monday that Bitcoin has not experienced a period of persistent inflation. We may be nearing a generational bottom with more forced liquidations, but we cannot be sure of a sustained upward trend until inflation convincely slows down.

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Yuya Hasegawa is an analyst at Bitbank in Japan. She sees even more potential downside to Bitcoin’s PSP, which is just over 50%.

Hasegawa reported Monday that the weekend bitcoin dip was not deep enough. “Bitcoin has downside potential, but its PSP should be below 50% to finally reach its bottom.”

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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