has declined over 6% in seven days, deviating from its usually positive correlation with the equity market's tech-heavy Nasdaq Composite Index.for the rest of the year, technology stocks extended gains after Wednesday's decision, indicating crypto-specific factors may be stopping BTC from keeping pace with the Nasdaq.
"When a market continues to sell off at a specific level, it has less to do with events, narratives, or fundamentals. Instead, a large seller perceives prices to be overvalued at that level," Markus Thielen, founder of 10x Research, said."The November 2021 all-time high of nearly 70,000 is a level where long-term holders are willing to sell their Bitcoins, as they are the most likely candidates to cash out."8,000 BTC worth over $500 million to crypto exchange Binance.
Data tracked by analytics firm CryptoQuant show that the number of BTC inactive for at least 12 months and two years has declined, a sign of holders have taken profits as the bitcoin price holds near record highs. "Addresses with supply inactive for 1 and 2 years have been selling since around price hit record high. This is offsetting accumulation by longer-term holders ," Ilan Solot, co-head of digital assets at Marex Solutions, said in an email on Wednesday.According to Thielen, 1.8 million BTC have not moved for over a decade, potentially including the 1.1 million BTC mined by Satoshi himself."This is why we would also expect that most of the Mt.
The hashrate, or the computing power dedicated to the Bitcoin blockchain, has declined from 622 exahashes per second to 599 EH/s this month. That's a sign of miner capitulation.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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