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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

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    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What Is Crypto Arbitrage and How to Use It in Trading?

    What Is Crypto Arbitrage and How to Use It in Trading?

    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin at $61K: Are investors losing interest? THIS is a worrying sign

May 9, 2024
in Bitcoin
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Bitcoin at $61K: Are investors losing interest? THIS is a worrying sign
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  • Bitcoin’s price fell as the rate of accumulation across all cohorts slowed down.
  • Addresses were largely unprofitable and had low incentives to sell their holdings.

Bitcoin [BTC] fell towards the $61,000 mark at press time, causing a surge in skepticism amongst holders and traders alike.

Accumulation on a hold

One of the reasons for the same would be the declining accumulation for BTC observed across the board. This trend began in May, which coincided with a local price bottom for Bitcoin.

Over the past 30 days, all cohorts combined have added roughly 10,000 Bitcoin to their holdings. This paled in comparison to the 19,000 new Bitcoins that were created in that same period.

It was the smaller investors, often referred to as shrimps, who were leading the accumulation effort.

Source: X

The decline in accumulation of BTC may result in price declines at worst and price stagnation at best.

If addresses continue to HODL their BTC, despite market fluctuations, the price of BTC could remain the same and may not see red for the foreseeable future.

What will holders do?

One of the things that would dictate the behavior of these holders would be their profitability. AMBCrypto’s analysis of Santiment’s data revealed that the MVRV ratio for BTC had remained in the red.

This indicated that most BTC addresses were holding their coins at a loss. Most addresses would be willing to wait before their BTC turns profitable before selling their holdings.

Another key factor that will play a role in determining the behavior of holders would be the Long/Short ratio. Over the past month, the Long/Short ratio for BTC had fallen significantly.

See also  Why Bitcoin Overhead Resistance Is Weak

A waning Long/Short ratio indicated that short-term holders were slowly starting to outnumber long-term holders at the time of writing.


Read Bitcoin’s [BTC] Price Prediction 2024-25


These short-term holders are much more likely to panic sell their holdings at times of market uncertainty and may add to the selling pressure faced by BTC.

Source: Santiment

At the time of writing, BTC was trading at $61,533.04 and its price had fallen by 1.50% in the last 24 hours. Moreover, its trading volume had declined by 1.77%.

Next: Dogecoin’s road ahead: Can DOGE’s price hit $0.25 in May?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin’s price fell as the rate of accumulation across all cohorts slowed down.
  • Addresses were largely unprofitable and had low incentives to sell their holdings.

Bitcoin [BTC] fell towards the $61,000 mark at press time, causing a surge in skepticism amongst holders and traders alike.

Accumulation on a hold

One of the reasons for the same would be the declining accumulation for BTC observed across the board. This trend began in May, which coincided with a local price bottom for Bitcoin.

Over the past 30 days, all cohorts combined have added roughly 10,000 Bitcoin to their holdings. This paled in comparison to the 19,000 new Bitcoins that were created in that same period.

It was the smaller investors, often referred to as shrimps, who were leading the accumulation effort.

Source: X

The decline in accumulation of BTC may result in price declines at worst and price stagnation at best.

See also  Bitcoin - Dump the FUD as BTC's price is still on course for $85,000!

If addresses continue to HODL their BTC, despite market fluctuations, the price of BTC could remain the same and may not see red for the foreseeable future.

What will holders do?

One of the things that would dictate the behavior of these holders would be their profitability. AMBCrypto’s analysis of Santiment’s data revealed that the MVRV ratio for BTC had remained in the red.

This indicated that most BTC addresses were holding their coins at a loss. Most addresses would be willing to wait before their BTC turns profitable before selling their holdings.

Another key factor that will play a role in determining the behavior of holders would be the Long/Short ratio. Over the past month, the Long/Short ratio for BTC had fallen significantly.

A waning Long/Short ratio indicated that short-term holders were slowly starting to outnumber long-term holders at the time of writing.


Read Bitcoin’s [BTC] Price Prediction 2024-25


These short-term holders are much more likely to panic sell their holdings at times of market uncertainty and may add to the selling pressure faced by BTC.

Source: Santiment

At the time of writing, BTC was trading at $61,533.04 and its price had fallen by 1.50% in the last 24 hours. Moreover, its trading volume had declined by 1.77%.

Next: Dogecoin’s road ahead: Can DOGE’s price hit $0.25 in May?
Tags: 61kBitcoinInterestInvestorsLosingsignworrying

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