Picking Up the Pieces
AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
Chart of the Day
Market Meltdown. The Bitcoin market witnessed a historical sell-off as the price of BTC nosedived below $30k, triggering an unusual magnitude of losses realized by short-term holders. The short-term holder SOPR has only dipped this low on three occasions since 2015 — the start of bears in 2018, the capitulation same year, and the March liquidity crunch in 2020. Despite multiple red flags in the on-chain metrics, market participants were simply paralyzed by massive exchange outages across major platforms that led to close to $8 billion in liquidation. On the chart, it doesn’t look as abysmal as what we experienced in mid-April, but close enough.