Sudden Shift is currently experiencing a price slump, with its value falling below $42,000. This shift follows a huge increase in the circulating supply of valuable Bitcoin, which has prompted a wave of profit-taking among investors.

André Dragosch, Head of Research at ETC Group, underlines this trend, noting an increase in Bitcoin being shifted to exchanges for possible sale. Dragosch noted, citing Glassnode data:

Short-term Sudden Shift holders exert selling pressure.

The current market scenario, according to the ETC Group, depicts a landscape in which a significant fraction of Bitcoin and Ethereum addresses are profitable. According to the firm’s data, 88.3% of BTC addresses and 77.6% of ETH addresses are currently profitable, which is near the year’s high.

According to the ETC group, these short-term investors, defined as individuals who have owned Bitcoin for less than 155 days, are shifting their successful assets to exchanges at a rate not witnessed since July of this year.

This increase in selling pressure is attributed to a crucial element restricting the Bitcoin rally as the market adjusts to the cryptocurrency’s expanded availability.

See also  Ethereum Classic's potential recovery from $18 level

Adding to the market’s reaction, last week saw the first “net outflows” from crypto asset exchange-traded products (ETPs) since early October.

Market Influence and Sudden Shift

Bitcoin’s recent price decrease from its previous high of about $44,000 has influenced investor moods and resulted in massive trading liquidations.

With $105.51 million in long liquidations and $14.95 million in short liquidations, Bitcoin has led these liquidations. Ethereum follows closely, accounting for $78.53 million in long and $7.41 million in short liquidations.

Related News

Share.

Leave a Reply