Cryptocurrencies
Crypto In-the-Money Traders Dwindle, Hinting at Capitulation
- In-the-money Bitcoin addresses at the lowest since March 2020
- Money leaving system is big reason crypto’s dropping: Murphy
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More crypto traders are finding their Bitcoin investments underwater and may be ready to throw in the towel.
The number of anonymous Bitcoin addresses in the money, meaning those that acquired their holdings at prices below today’s, has reached lows not seen since March of 2020, according to Bequant, a digital-asset firm. The level, currently hovering around 51%, “points to capitulation,” though bear markets in 2015 and 2018 saw even lower lows, wrote Martha Reyes and Emiliano Bruno in a note.