Bitcoin crash purges weak hands, wakes up retail | Santiment Weekly Pro Report
Bitcoin has incurred double-digit losses since Monday, dropping to as low as $40.5k just a few hours ago.
And while the crash has prompted some panic sell-offs and ‘weak hand’ shakeout, data suggests that the retail sector remains bullish on the top coin for the time being.
Could this mean more pain to come for the crypto market?
In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and on-chain data, and what it suggests about the current state of the crypto market:
‘Weak hand’ purge
During market-wide corrections, we at Santiment like to look for markers of significant investor distress. The market always tries to deliver maximum pain to as many investors, which - while uncomfortable - is often a necessary part to sustainable price recovery.
We also like to look for signs of weak hand
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