Bitcoin is a major buy-the-dip tip this month despite $10 billion losses in a week.
from on-chain analytics firm Glassnode confirms that the November 2022 BTC sell-off was the fourth-largest ever.In the latest edition of its weekly newsletter, “The Week On-Chain,” Glassnode got to grips with the impact of theThe results have been mixed, it reveals, with a major loss of confidence, on one hand, triggering loss-making divestment of funds, while “strong accumulation” has also occurred.
“November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.”While the dollar-value capitulation can be explained thanks to BTC/USD trading five times higher than in late 2018 and 4.5 times higher than in March 2020, it is no secret that cold feet have characterized crypto markets since FTX imploded.
“This metric is currently returning a value of 0.63 , which is very significant since only 1.57% of trading days in bitcoin history have recorded a lower Adjusted MVRV value,” the newsletter stated. “In other words, if we discount profit held across the presumably lost supply, the current market is the most underwater it has been since the near pico-bottom set in Dec 2018 and Jan 2015.”Buying the dip like it’s December 2018
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