Bitcoin (BTC) selling has topped $850 million a day, with more than 85% coming from investors who recently bought near $80,000, while long-term holders have mostly held on, on-chain analyst Checkmate said Nov. 14.
Daily selling rose from about $420 million to more than $850 million. Checkmate characterized the move as the fourth capitulation-style episode since Bitcoin’s all-time high. The analyst also put Bitcoin’s mean-reversion index at Q18, in the lowest 18% of its distribution.
Readings below Q20 are described as deep-value territory, putting Q18 beneath that level. Checkmate said most long-term holders remain in profit and have sold little.
An Oct. 15 comparison found average unrealized gains of about 64% for long-term holders and 9% for recent buyers, reflecting a smaller unrealized-profit cushion among recent buyers. Their average cost bases were $49,300 and $74,400, respectively.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
