The move has been long anticipated. Earlier in August, mining firm BlockwareThe latest shift was noted by Charles Edwards, CEO of asset manager Capriole, who compared this year’s capitulation with others in Bitcoin’s history.
“Historically, Bitcoin’s miner capitulations have captured major price lows and been great buy-signals,” Edwards continued, echoing the classic Bitcoin market mantra, “price follows hash rate:” Behind the scenes, investors, instead of fleeing BTC exposure, have been piling into the market at a noticeable pace in recent days.
For comparison, in August 2018, BTC/USD was climbing toward $7,000, but still several months out from its bear market bottom of $3,100.Compared to before the price drop, meanwhile, sentiment is not what it was on crypto.Even as exchanges see an acceleration in BTC leaving their books, the overall picture is now firmly one of “fear” when it comes to Bitcoin and altcoin investors., which uses a basket of factors to give a normalized score for market sentiment, “extreme fear” is just a step away.