According to Glassnode, the total transfer volume for Bitcoin is in the loss.
According to the findings of Glassnode, a company specializing in blockchain analytics, the Bitcoin markets have been through two massive capitulation events in 2022. Both of these events accounted for the highest loss in BTC transfer volume since 2011.
When LUNA failed, the total transfer volume in the loss was 538 thousand Bitcoin and before this, 480 thousand Bitcoins were exchanged in loss as the market fell below the All time high (ATH) of 2017.
According to Glassnode: “2022 has seen Bitcoin market two enormous capitulation events, with the largest $BTC transfer volume in a loss since 2011. When LUNA collapsed, the total transfer volume in the loss was 538k $BTC. This was followed by 480k $BTC as the market traded below the 2017 ATH.”
Image source: Glassnode
In related news, On-chain data suggests that bitcoin miners might be near to their surrender after dumping the most major piece of BTC holdings over the previous few months. This comes following a string of negative occurrences in the bitcoin market. As a consequence, the asset’s value may be about to see another short-term decline to a level far below $20,000. This was the warning issued by CryptoQuant.
How Bitcoin Price is Doing Today
In an indication that the recent volatility and upheaval in the cryptocurrency market may be coming to an end, Bitcoin surged over $22,000 on Monday, reaching its highest level in more than a month.
Market rallies in Europe and Asia bolstered a sense of optimism. Stock futures in the United States also rose. The price of bitcoin and other cryptocurrencies has a long history of being linked to the stock market. The cryptocurrency market’s mood is often boosted by an increase in stock prices.
Investors are also keeping an eye on whether the recent devastation, which has seen bitcoin fall over 70% from its all-time high and wipe billions of dollars off the market, is finally coming to an end.
Precisely because of the price drop, numerous well-known enterprises in the crypto field have gone bankrupt, most notably hedge fund Three Arrows Capital and cryptocurrency lender Celsius. BTC is worth $22,152 at the time of writing, up 0.38% in the past 24 hours and 4.60% in the past seven days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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