Chief Investment Officer at Moskovski Capital, Bitcoin (BTC) analyst Lex Moskovski, shares the details of the most painful sell-off for ‘young’ Bitcoiners (BTC) so far.
As per Lex Moskovki’s latest tweets, amidst Bitcoin (BTC) price pullback, owners of the flagship crypto are massively selling their coins at loss.
Yesterday’s Net Realized Profit/Loss was the largest of all times.
3.45B of net realized losses. Ouch.
Even March, 2020 wasn’t so bloody. pic.twitter.com/JknRurKLgy— Lex Moskovski (@mskvsk) June 26, 2021
Mr. Moskovski displayed the data by leading on-chain statistics vendor Glassnode. According to it, Bitcoiners (BTC) with weak hands are going through the most painful sell-off ever.
Net Realized Profit/Loss by Glassnode ratio that shows aggregated profits or losses of all Bitcoin (BTC) addresses for a particular day of trading activity touched historic lows.
Last Friday will be remembered by Bitcoiners (BTC) for an unparalleled net loss of $3,450,000,000 which is far more dramatic than that in Black Thursday in Crypto.
Is the bottom in?
Meanwhile, some followers of Mr. Moskovski including prominent analysts Willy Woo and Charles Edwards opined that the scale of tragedy should be largely attributed to the increase of Bitcoin (BTC) market capitalization.
Mainly, selling pressure on Bitcoin (BTC) comes from the cohort of short-term holders. In this statement, Mr. Moskovski echoes the estimations of Bitcoin (BTC) analyst William Clemente.
In the latest The Pomp Letter newsletter, Mr. Clemente stated that long-term holders are aggressively buying Bitcoins (BTC) amidst the newbies-driven panic-selling.
Crypto whales might be “setting the floor” for the upsurge of Bitcoin (BTC) rally, Mr. Clemente added.