2021 Bitcoin bull market buyers 'capitulate' as data shows 50% losses
Those Who Bought BTC Six To 18 Months Ago Are Losing Big, Research Shows, But Now There Are Even More Reasons to buy their supply.
Market news
Bitcoin (BTC) spot trade below $20,000 sees new ‘surrender’ event encompassing an entire year of buyers, research finds.
In one of its Quicktake market updates on September 29, on-chain analytics platform CryptoQuant reported heavy selling by a large number of recent hodlers.
2021 Bull Market Coins “Sold Off Aggressively”As BTC/USD lingers at levels hardly seen since 2020, miners aren't the only ones feeling the pinch.
Analyzing the out-spent (SOAB) age bands of Bitcoin exchange inflows, CryptoQuant contributor Edris showed that those who bought between April 2021 and April 2022 sold coins in droves - for less than they bought them.
"Looking at the chart, it's obvious that 6-18 month old coins have been selling aggressively recently," he concluded.
“These coins were bought between April 2021 and April 2022 at prices above $30,000. This signal means that many holders who entered the market during the 2021 bull market and above the of $30,000, recently capitulated and exited the market with a loss of around 50%."
Bitcoin Exchange Stream Spent Output Age Bands (SOAB ) chart (screenshot). Source: CryptoQuantSuch events should not be taken lightly as they tend to occur at the bottom of bear markets. The only question is whether the recent June macro low at $17,600 will be the bottom of this one.
Edris added:
"These types of capitulations tend to occur during the final months of a bear market, indicating potential...
Those Who Bought BTC Six To 18 Months Ago Are Losing Big, Research Shows, But Now There Are Even More Reasons to buy their supply.
Market news
Bitcoin (BTC) spot trade below $20,000 sees new ‘surrender’ event encompassing an entire year of buyers, research finds.
In one of its Quicktake market updates on September 29, on-chain analytics platform CryptoQuant reported heavy selling by a large number of recent hodlers.
2021 Bull Market Coins “Sold Off Aggressively”As BTC/USD lingers at levels hardly seen since 2020, miners aren't the only ones feeling the pinch.
Analyzing the out-spent (SOAB) age bands of Bitcoin exchange inflows, CryptoQuant contributor Edris showed that those who bought between April 2021 and April 2022 sold coins in droves - for less than they bought them.
"Looking at the chart, it's obvious that 6-18 month old coins have been selling aggressively recently," he concluded.
“These coins were bought between April 2021 and April 2022 at prices above $30,000. This signal means that many holders who entered the market during the 2021 bull market and above the of $30,000, recently capitulated and exited the market with a loss of around 50%."
Bitcoin Exchange Stream Spent Output Age Bands (SOAB ) chart (screenshot). Source: CryptoQuantSuch events should not be taken lightly as they tend to occur at the bottom of bear markets. The only question is whether the recent June macro low at $17,600 will be the bottom of this one.
Edris added:
"These types of capitulations tend to occur during the final months of a bear market, indicating potential...
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