![Bitcoin [BTC]: Some conviction and a lot of changing hands is a sign of…](https://i.headtopics.com/images/2022/11/24/cryptoamb/bitcoin-btc-some-conviction-and-a-lot-of-changing--bitcoin-btc-some-conviction-and-a-lot-of-changing--1595764924839591936.webp)
Bitcoin [BTC]: Some conviction and a lot of changing hands is a sign of...
Bitcoin fell to a two-year low following the collapse of FTX and this led to a decline in investors’ convictionWith the general cryptocurrency market taking a stab at recovery following the collapse of FTX, on-chain data seems to suggest that long-heldIn light of favorable macro factors, when long-held crypto-assets change hands, this usually indicates that dormancy on the coin’s network is starting to dissipate and a significant price rally is imminent.
Wenry noted that in the past, this metric usually rose “during the first technical rebound after a large price drop.” BTC traded at a two-year low due to the collapse of FTX and it has since attempted to recover. However, before this could be taken as conclusive proof of a first “technical rebound,” Wenry warned,
“This relative magnitude is coincident with some of the largest in history, often seen during capitulation events and wide-scale panic events.”Glassnode further observed that uncertainty permeated the minds of BTC long-term HODLers. The same, it said, has been “prompting the changing of hands, and/or shuffling of coins by longer-term investors.”
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