2 November 2024
Bitcoin Just Had Its Worst Month In History
The last month was brutal in terms of Bitcoin and broader market correction. In June, Bitcoin collapsed by more than 37%, recording its worst monthly performance since 2011.
Since then, Bitcoin has been trading around $20,000 levels. Also, it has been one of the worst quarterly performances for Bitcoin losing more than 60% value in Q2 2022.
According to Glassnode, as U.S. inflation prevails the chances of recession, the market continues to remain heavily risk-off. Institutional traders have been shorting Bitcoin heavily.
The current Bitcoin price correction has been showing similarities with the previous bear market bottoms of 2018 and 2020. Although, there’s not enough catalyst for the Bitcoin price reversal as of now.
Glassnode has mentioned in reports that despite the price correction, there’s still a high conviction for accumulation and self-custody. The balances on exchanges are draining at unprecedented rates. Simultaneously, Bitcoin “shrimp and whale balances” are increasing significantly.
The on-chain activity indicates the network activity and the number of users are approaching the deepest bear market territory.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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