5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-09 | Selina Mathew
According to Glassnode, the Bitcoin market looks to be retracing its gains since January, as whales may be fleeing and selling on controlled exchanges.
The number of Bitcoin whales is fast dwindling, presumably due to a three-month high in coin inflows to centralized exchanges (CEXs).
Glassnode, a market tracker for bitcoin, has released many gloomy signs, including data indicating a market departure for whales owning at least 1,000 coins and exchange inflows of more than 1.7 million coins, the most since February.
High BTC inflows on CEX indicate that whales may be fleeing the market by selling coins, maybe in preparation for a protracted market slump. Short-term holders presumably conducted recent sell-offs, accumulating coins in late January and early February, when values had reached a 6-month low of around $34,800.
The Bitcoin Fear and Greed Index has dropped to 11, the "Extreme Fear" area, due to unfavorable market outlooks based on real evidence. The index measures how fearful or greedy Bitcoin investors are in general.
Despite the unfavourable perception, everyday BTC transactions do not appear to have been harmed. On Sunday, according to YCharts' on-chain statistics, there were 233,892 daily transactions totaling around $30 billion, which is about average since January.
"Many of you are waiting for the Bitcoin capitulation wick," Glassnode's lead on-chain analyst "Checkmate" tweeted on Sunday, partially reinforcing the concept that investors anticipate BTC to continue to decline. A capitulation wick is defined by a particularly long, abrupt, and catastrophic price collapse, such as the one seen on March 12, 2020, when BTC plunged 43 percent in a single day to roughly $4,600.
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