Bitcoin (BTC) Investors Were Selling at a Loss During Big Thursday Crash

News
Mon, 03/16/2020 - 18:18
Alex Dovbnya
According to CoinMetrics data, Bitcoin (BTC) investors were willing to sell their coins at a loss to get out of the crashing market
Cover image via U.Today
Contents

The ruthless 40 percent crash that took place on March 12 forced many cryptocurrency investors to jump ship. According to CoinMetrics data, many of them were willing to do that at a loss. 

Related
Peter Brandt Says Zero Could Be Bitcoin's (BTC) Ultimate Bottom

It's not just whales 

From ordinary investors struggling to buy basic goods to big institutions and whales -- there have been a lot of speculations about who was behind Bitcoin's third worst sell-off in history. However, once Bitcoin started its precipitous drop, some investors were willing to get out at any cost. 

CoinMetrics noted that the spent output profit ratio (SOPR) dropped to its lowest level since 2012 on March 12. Even in December 2018, when Bitcoin plunged to its ultimate bottom of $3,100, fewer investors wanted to sell at a loss.     

Related
Bitcoin (BTC) Price Fails to Rally Even After Fed's Massive Rate Cut

Fear grips the market 

A measure of fear in the Bitcoin market plunged to nine, signaling 'extreme fear.' 

While some might be tempted to use the famous Warren Buffett quote, the accelerating coronavirus pandemic continues to inflict a lot of pressure on global markets, which might indicate that the worst is yet to come. 

The S&P 500, the benchmark stock market index in the U.S., is currently down nine percent with the CBOE Volatility Index surpassing 76.  

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy