Online data showing that Bitcoin (BTC) price hitting a three-month low did not cause holders to panic and sell.
According to analytics firm Glassnode, the majority of Bitcoin investors have not been swayed by the SEC’s lawsuit against Binance. This shows that BTC investors have the ability to maintain psychological stability and not panic sell due to news related to this exchange.
VERY SOME PEOPLE IN “SELL FAN” MODE
On June 6, the price of the BTC/USD trading pair dropped to just $25,350, reaching its lowest level since mid-March. However, it seems that current Bitcoin holders are not overly concerned. this situation.
The latest data on on-chain transactions shows that in the wake of the lawsuits involving Binance and Coinbase, very few people entered the “panic sale” mode.
A chart shared by Glassnode on Twitter shows transfers at a loss as usual, with coins moving at a lower value than the previous transaction.
This shows a change in overall investor sentiment, in stark contrast to the events after the FTX exchange collapsed at the end of 2022.
Coinglass reports: “After regulatory pressure mounted on two major crypto exchanges, Binance and Coinbase, the market experienced significant volatility in both directions.”
However, the loss recorded on the chain remained at $112 million. This is -3.05 billion USD (-96.5%) smaller than the largest capitulation event on record, suggesting that market participants’ sentiment is stabilizing.
BTC TRADERS ON THE EXCHANGE DON’T HURT OUT
The latest data provides information on the resilience of cryptocurrency exchanges.
According to data from Glassnode, major exchanges recorded a slight decrease in Bitcoin (BTC) balances on June 5-6.
This total balance is estimated at 12,600 BTC, showing that users are not inclined to withdraw from their hot wallets.
Compared to the FTX exchange, the situation is once again a standout, as in November of last year, there was a mass withdrawal of funds from this exchange.
Willy Woo, a statistician, noted that despite petitions from US regulators requesting a freeze on Binance’s domestic assets, not much action has occurred on the exchange.
“Binance customers don’t care. Not seeing much BTC leaving, at least not yet,” as posted on Twitter.
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