Santiment Mid-Month Report: When it Rains, it 'Poors'
The June swoon has been real, with market-wide price plummets sending many traders, both patient and impatient, into panic selling. Two years ago, Bitcoin's price was sitting at just $9.4k, and this was considered a nice recovery after Covid-19 fears plummeted BTC under $4k. On June 15th, prices dipped to $20.1k, which was enough to really cause serious panic.
Need some proof of how real the trader fear was? Take a look at Bitcoin's weekly network realized profit/loss here in the second week of June:
A major negative spike in NRPL means that there is a major cumulative amount of traders selling out of their positions while under water. And collectively, this was the most under water transactions on the Bitcoin network had ever been. Yes, ever.
It's strange to call -31% in the past 30 days one of the
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