Fueled by liquidations in the crypto derivatives market, the sharp pullback in bitcoin’s price last week hasn’t shaken long-term investors’ focus on holding on to the coins they’ve purchased.
Last week opened to a market wide deleveraging, as #Bitcoin sold off by $10k in 1hr.
Despite downside volatility, long-term holders remain unshaken, with almost 17% of supply bought and held through significant corrections.
Read more in The Week Onchainhttps://t.co/bg6mjjqxY6
— glassnode (@glassnode) September 13, 2021
Analysts noted that similar equanimity of the holders appeared after a 50% collapse in May, and after a sharp rally from July lows.
The driver of Bitcoin’s fall by $ 10,000 within one hour was the liquidation of 30% of open positions in perpetual contracts, the volume of which amounted to about $ 4 billion. According to experts, 68% of liquidations were longs.
On September 7, a jump in trading volume was recorded on the options market ($ 1.3 billion, a maximum of four months).