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MainNewsBitcoin Reta...

Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price


Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price
Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price

The Bitcoin price recovery above the $67,000 level has triggered a round of selling, but it is not from the usual camp of large investors selling. This time around, it is the small-time traders who are offloading their bags and putting selling pressure on the price. However, this is not an entirely bad thing given that, historically, such selling has been bullish for the Bitcoin price.

Bitcoin Retail Are Dumping Their Bags

In a report on X (formerly Twitter), the on-chain data tracker Santiment revealed an interesting trend among small-time Bitcoin investors. As the price of Bitcoin rallied past $67,000 over the weekend, these small wallets took this as the time to sell and secure profit.

These wallets are those holding below 0.1 BTC on their balances. This means that at the high end, these wallets are holding an average of $6,000. In the space of one week, Santiment notes that their collective holdings had dropped 0.46%.

Selling among smaller wallets is not new, but at this level, it could have a significant impact on the price. However, compared to when whale and sharks sell their BTC holdings, retail investors selling is usually bullish for the price. This is because as the smaller traders sell, the BTC is picked up by the larger traders, who are usually longer-term holdings.

As blockchain agency Crynet explains in a response to Santiment: “While small traders divesting might seem concerning, it’s often a bullish signal. Historically, this redistribution to larger holders indicates stronger hands in the market. Let’s see how this plays out.”

Bullish Sentiment Rises Among Investors

The selling by small Bitcoin traders comes amid a jump in bullishness. As Santiment reported in a previous post, bullishness among Bitcoin investors has now jumped to a 4-month high. The last time that investors were this bullish was back in January 2024 when the price of BTC had jumped above $45,000.

Bitcoin’s weighted sentiment is now sitting at a value of 0.99, and although this is still lower than its January high of almost 1.8, it remains one of the highest among large caps. Currently, only the Chainlink (LINK) weighted sentiment is higher after rising to a new one-year high of 1.829.

The Ethereum weighted sentiment is currently sitting at a low -0.44, while XRP and Binance’s BNB are sitting at around -0.37. This suggests that bearishness continues to dominate among these assets while crypto investors look to Bitcoin to lead the market.

At the time of writing, the BTC price is still trading at a high price of $66,900. The largest cryptocurrency by market cap is seeing a 6.78% increase in the last week and a small decline of 0.5% in the last day, according to data from Coinmarketcap.

Bitcoin price chart from Tradingview.com
Read the article at NewsBTC

Read More

Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million

Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million

Early on Monday morning, the Bitcoin price crashed another 5% to drop to the $61,000 ...
Jun, 24, 2024
2 min read
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Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000

Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000

A crypto analyst has disclosed reasons why the price of Bitcoin could witness more de...
Jun, 23, 2024
2 min read
by NewsBTC
MainNewsBitcoin Reta...

Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price


Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price
Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price

The Bitcoin price recovery above the $67,000 level has triggered a round of selling, but it is not from the usual camp of large investors selling. This time around, it is the small-time traders who are offloading their bags and putting selling pressure on the price. However, this is not an entirely bad thing given that, historically, such selling has been bullish for the Bitcoin price.

Bitcoin Retail Are Dumping Their Bags

In a report on X (formerly Twitter), the on-chain data tracker Santiment revealed an interesting trend among small-time Bitcoin investors. As the price of Bitcoin rallied past $67,000 over the weekend, these small wallets took this as the time to sell and secure profit.

These wallets are those holding below 0.1 BTC on their balances. This means that at the high end, these wallets are holding an average of $6,000. In the space of one week, Santiment notes that their collective holdings had dropped 0.46%.

Selling among smaller wallets is not new, but at this level, it could have a significant impact on the price. However, compared to when whale and sharks sell their BTC holdings, retail investors selling is usually bullish for the price. This is because as the smaller traders sell, the BTC is picked up by the larger traders, who are usually longer-term holdings.

As blockchain agency Crynet explains in a response to Santiment: “While small traders divesting might seem concerning, it’s often a bullish signal. Historically, this redistribution to larger holders indicates stronger hands in the market. Let’s see how this plays out.”

Bullish Sentiment Rises Among Investors

The selling by small Bitcoin traders comes amid a jump in bullishness. As Santiment reported in a previous post, bullishness among Bitcoin investors has now jumped to a 4-month high. The last time that investors were this bullish was back in January 2024 when the price of BTC had jumped above $45,000.

Bitcoin’s weighted sentiment is now sitting at a value of 0.99, and although this is still lower than its January high of almost 1.8, it remains one of the highest among large caps. Currently, only the Chainlink (LINK) weighted sentiment is higher after rising to a new one-year high of 1.829.

The Ethereum weighted sentiment is currently sitting at a low -0.44, while XRP and Binance’s BNB are sitting at around -0.37. This suggests that bearishness continues to dominate among these assets while crypto investors look to Bitcoin to lead the market.

At the time of writing, the BTC price is still trading at a high price of $66,900. The largest cryptocurrency by market cap is seeing a 6.78% increase in the last week and a small decline of 0.5% in the last day, according to data from Coinmarketcap.

Bitcoin price chart from Tradingview.com
Read the article at NewsBTC

Read More

Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million

Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million

Early on Monday morning, the Bitcoin price crashed another 5% to drop to the $61,000 ...
Jun, 24, 2024
2 min read
by NewsBTC
Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000

Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000

A crypto analyst has disclosed reasons why the price of Bitcoin could witness more de...
Jun, 23, 2024
2 min read
by NewsBTC