Russia-Ukraine War Is The Reason For The Biggest Bitcoin Sell-off Since 2020 – Data Reveals
With the employment of the popular blockchain data and intelligence provider Glassnode’s revived supply chart, it has been deduced that the severe clash between Russia and Ukraine resulted in the biggest sell-offs among holders of bitcoin, most of whom were holding long-term.
About 410,000 BTC Were Dumped During The Russia-Ukraine Clash.
It has been quite an eventful year in the crypto industry. A number of events have occurred that have caused spectators and even a large percentage of investors to lose confidence in crypto. The prices of assets have constantly remained volatile, resulting in investors selling off either to make profits or to cut their losses.
Within the past couple of months, the crypto industry has witnessed a large-scale adoption, and the price of Bitcoin has traded at a tremendous rise of above $69,000, which has fallen drastically in the light of events now.
The other events that triggered the selling off of bitcoin include the 2021 China ban on bitcoin mining, when about 367,000 BTC were dumped, the beginning of the bull run in 2021, which saw the sale of about 375,000 BTC, and the collapse of the FTX challenge earlier this year, when a whopping 280,000 BTC were sold, resulting in a $9 billion loss.
Holders Dump Bitcoin As A Result Of Fear
Bitcoin, being the largest cryptocurrency with the highest price, is mostly held long-term by holders due to their overwhelming confidence in the coin. Despite the volatility tendencies of cryptocurrencies, holders rarely sell their bitcoin, mostly due to their immense belief in the coin.
However, in circumstances where the revived supply chart of bitcoin is high, it is always because holders have strong reasons to fear for the well-being of the coin.
Sometimes, the reason for the overwhelming fear could be ”real life” threatening events like the clash between Russia and Ukraine and other times, actual events in the crypto industry like the FTX collapse earlier in November.
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