The amount of panic sales made during the declines in Bitcoin was one of the issues that were wondered. Although the average sales amount was found to be over 10,000 BTC after analyzing the data, the confidence of BTC investors is still high, according to technical data and social data.
Bitcoin (BTC) falls, of course, is not something we are far from, and it has happened many times before, and it will continue to happen. However, the fact that the recent decreases occurred in a period when an increase was expected seems to have created a great panic in some investors. These investors sold over 10,000 BTC during the bearish period. The general picture is still welcomed by BTC investors.
The New “Variant” of Bitcoin FUD!
The term FUD, which is a combination of the words Fear (fear), Uncertainty (uncertainty) and Doubt (doubt), is often used in the crypto world. The latest FUD in Bitcoin, however, is the ongoing COVID-19 pandemic, combined with the “Omnicron” variant, resulting in many investors selling their holdings to “avoid losses”. According to the data, more than three million addresses suffered ‘absolute losses’ due to price losses during November.
With Bitcoin trading in the “red” again today after yesterday’s stability, it seems that investors may have made a hasty call.
Yesterday, 10,242 BTC worth $575 million were sold in just 24 hours. This sale makes sense and has already been expected since the beginning of December.
The problem, however, was that these sales were not organically sourced. This sale happened mainly because of FUD, because yesterday we had COVID, pandemic etc. The calls were much more talked about than in March, when COVID was at its peak.
This spike in FUD also caused the Bitcoin market to slide into fear levels for a second week in a row. And as a result, once again, the recovery of the 8.82% drop on November 26 did not happen.
Despite the sales realized, the demand for BTC is still high; It means that the BTCs sold quickly gain value in the market.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.