Recent data has revealed the demographics of sellers who caused the Bitcoin, Ethereum, and Dogecoin crashes. The Coinbase BTC bounty The index also continues to slide further into the red, reinforcing evidence of where exactly the selling pressure is coming from.
The Demographics Behind the Bitcoin, Ethereum, and Dogecoin Price Crash
In one X messageCrypto expert Crypto Rover noted that this month’s US session was the weakest trading session yet. The expert further shared an accompanying chart, which showed that BTC has suffered a loss of around 12% during the US session since early November, which has also led to the Ethereum and Dogecoin crash.
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Meanwhile, the EU has had its second weakest session after the US, with Bitcoin down around 12% since the start of the month. The Asian session was the least volatile, with BTC is trading sidewaysdown only about 2% since early November. Ethereum, Dogecoin and altcoins were also stable during the Asian trading session.
Crypto expert Bossman also indicated that the US was responsible for most of the selling pressure that caused the crash of Bitcoin, Ethereum and Dogecoin. In one X messagehe noted that every US session is marked by hours of relentless selling. Meanwhile, the Asians wake up and buy everything back, and then the Americans wake up and the selling starts again.
In particular, Bitcoin, Ethereum and Dogecoin prices register greater volatility as the US stock market opens, according to market commentator Zerohedge attribution it to the ’10 am slam’ of market algorithms. This indicates that institutional investors are a major contributor to the market crash. This is evident from the significant outflows recorded by the EU Bitcoin ETFs in recent times. These funds have recorded five daily net outflows over the past seven days SoSoValue data.
Coinbase BTC Premium index in red
CoinGlass data shows the Coinbase Bitcoin premium index is in the red, further confirming that most of the selling pressure causing the BTC, Ethereum, and Dogecoin crash is coming from the US. A negative premium usually indicates that the BTC price on Coinbase is lower than the average global price, indicating weak demand from US investors.
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Crypto researcher Kyle Soska noticed that Bitcoin and Ethereum are about 10 days into a risk event by US-based entities, likely a combination of ETF users and large private, ultra-high net worth individuals. He further noted that this puts the market at the end of the sales period based on historical data.
Soska believed that the first of a short-term bottom would be a mean reversal of the bottom Coinbase-Binance spot discount from the current level of around -$110 back to a more normal level of around $40.
At the time of writing, the Bitcoin price is trading around $85,000, down more than 6% in the last 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com