បាត Bitcoin កាន់តែខិតទៅជិតអ្នកប៉ាន់ស្មានស្ទើរតែ 'ត្រូវបានបណ្តេញចេញទាំងស្រុង': Glassnode

After confirming that June was bitcoin’s worst trading month in over a decade, the analytics resource Glassnode suggested that the bottom could be near as the so-called “market tourist” have fled the scene. However, the company’s latest report warned that this cycle could be different due to outside economic pressure.

June Went Bad

Although April and May didn’t go all that well for the primary cryptocurrency either, the asset still entered June at above $30,000. In fact, it stood at just over $32,000 (on Bitstamp).

It had already lost about 40% of value since the yearly peak at the end of March, but the situation worsened in the following 30 days amid the ongoing market crash. As crypto lenders stopped withdrawals and hedge funds became insolvent, the shockwave hit all cryptocurrencies, including the largest one.

Bitcoin nosedived to an ទាប ១៨ ខែ in the middle of the month at $17,500. Although it recovered some ground in the following few weeks, it still ended June just under $20,000.

This meant that bitcoin had ended its ត្រីមាសអាក្រក់បំផុត។ in terms of price actions in over a decade. Moreover, June turned out to be the most violent trading month since 2011, as Glassnode described it in the latest របាយ​ការណ៍:

“Prices traded down -37.9% over the last 30-days, competing only with the 2011 bear market, for the crown of worst month on record.”

Market Tourists Capitulate

Amid this massive slump, Glassnode noted that the so-called “market tourists” have been purged. The company believes such investors arrive at the scene during market upticks, increasing network activity. This has not been the case in the past several months, though.

"ស្ទើរតែឈុតទាំងមូលនៃរង្វាស់សកម្មភាពនៅលើខ្សែសង្វាក់បង្ហាញថាចំនួន និងសកម្មភាពរបស់អ្នកប្រើប្រាស់បណ្តាញកំពុងខិតជិតដល់ទឹកដីនៃទីផ្សារខ្លាឃ្មុំប្រវត្តិសាស្ត្រដ៏ជ្រៅបំផុត។ បណ្តាញ Bitcoin កំពុងខិតជិតដល់ស្ថានភាពមួយដែលអង្គភាពប៉ាន់ស្មាន និងអ្នកទេសចរទីផ្សារស្ទើរតែទាំងអស់ត្រូវបានសម្អាតទាំងស្រុងពីទ្រព្យសម្បត្តិ។

At the same time, Glassnode said long-term holders remain present who are typically known for their “high conviction accumulation and self-custody.”

Ross Mayfield, an investment-strategy analyst at Baird, agreed with Glassnode’s suggestion that the bottom could be near, at least according to on-chain data and investors’ behavior. However, he ជឿ there’s still a chance for BTC to head further south due to the macroeconomic situation in terms of a possible recession and the Fed continuing to raise interest rates.