Bitcoin has dropped by more than 9% over the last 30 days to now trade around the $65,000 mark in a plunge that has seen investors become “mainly fearful or disinterested” toward the cryptocurrency.
That’s according to on-chain analytics firm Santiment, which noted in a post on the microblogging platform X (formerly known as Twitter) that “this extended level of FUD [Fear Uncertainty and Doubt] is rate, as traders continue to capitulate.”
Per the firm bitcoin trader “fatigue” combined with an ongoing whale accumulation “generally leads to bounces that reward the patient.”
The firm’s data shows a “Weighted Sentiment” score of -0.800433 for BTC, reflecting extreme negativity among traders who are currently selling off their holdings. Notably whales have been accumulating heavily, to the point the holdings of wallets with 10 or more BTC are now at a two-year high.
On top of that, the amount of Bitcoin held by miners has sunk to its lowest level in over 14 years, according to data from blockchain analytics firm IntoTheBlock, which shows that miner reserves fell to 1.9 million BTC, down from 1.95 million at the beginning of the year.
This is notably the smallest stockpile of Bitcoin miners have held since February 2010, shortly after the flagship cryptocurrency was launched and was trading at around $0.05 per token, compared to its current value of over $65,000.
Beyond market sentiment, some analysts see potential for a near-term upswing based on macroeconomic factors. In a recent interview the CEO of leading cryptocurrency exchange Binance, Richard Teng, said he sees BTC surpass the $80,000 mark before the end of the year.
However, his outlook for 2025 is even more bullish, as he expects improving macroeconomic conditions to create a more favorable environment for the crypto industry as a whole.
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