Whale Addresses Holding Bitcoin Drops to 2.4 Years Low

• This plainly demonstrates that Bitcoin investors continue to be exceedingly cautious.
• The BTC Fear and Greed Index is approaching “extreme fear” territory.

Bitcoin (BTC), the biggest cryptocurrency by market cap, is still being heavily sold off as global market volatility persists. Bitcoin’s value dropped below $19,000 over the weekend, and bearish forecasts are being made by market watchers.

According to on-chain statistics, Bitcoin whale holdings have been steadily decreasing for 100 consecutive months. Because of inflation and economic uncertainty, “addresses holding 100 to 10k $BTC have lowered their percentage of supply held of #crypto‘s top asset to 29-month lows,” as reported by on-chain data provider Santiment.

Investors Opened Short Positions 

Considering the present economic situation, this plainly demonstrates that Bitcoin investors continue to be exceedingly cautious. Furthermore, CryptoQuant’s numbers show that short positions in Bitcoin derivatives have been on the rise.

According to CryptoQuant:

“The BTC holdings on the Derivatives Exchange increased just before dumping BTC. Also, whales seem to have intentionally opened short positions on the Derivatives Exchange and lowered BTC prices.”

We all know that the cryptocurrency market as a whole has entered a severe downturn alongside Bitcoin. During the current crypto market collapse, the altcoin sector saw a bigger decline. Bitcoin’s popularity among the general public has so reached a level not seen in the last two months. According to statistics published by Santiment, a blockchain-based service provider:

The BTC Fear and Greed Index is approaching “extreme fear” territory as Bitcoin records its third straight daily loss. The Fear & Greed Index dropped from 24 to 21 earlier today. However, it still manages to stay over the 20-point mark, showing that investors are quite resilient.

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