Whales Not Accumulating; OpenSea Users Get Exploited

Chart of the Day

Over the past 2 days, the crypto market took a huge tumble in yet another weekend of loss as investors are increasingly becoming more risk-off on the back of mounting geopolitical tensions between Russia and Ukraine. As a result, BTC has now plunged below the $40k psychological barrier, and is currently trading below the 100-hourly moving average as of the time of writing. Even though the price of the number one cryptocurrency by market cap did see an upside correction on Monday morning (Asian trading hours), this upside momentum looks certain to be contained below the $40k level, at least in the near-term. Moreover, should the charge toward the immediate resistance level near $39.5k fail, BTC may extend its decline further to the $38.5k zone. On the bright side, ETH has bounced back relatively well from the weekend drawdown, as the number two cryptocurrency by market cap has seen its value rise by 2% in the past 24 hours to keep its price buoyed above the $2,700 level. Additionally, a few major altcoins seem to be leading a mini-comeback charge from the weekend decline, with top performers like SOL even posting a significant 7% gain from 24 hours ago. Finally, on-chain metrics do suggest that the market is still expecting long-term BTC HODL-ers to provide the tailwind out of this difficult period through more accumulation activities. However, in looking at the chart by Ecoinmetrics as displayed above, said long-term BTC HODL-ers' net positions have barely moved over the last couple of days. This is not the best sign in this current macro environment, as it shows that they are not accumulating in conviction as they previously were. 

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