Surveying BTC after the crash | Santiment Weekly Report
Bitcoin has dropped by -18.4% over the weekend, stooping to a 3-month low $46.5k in another market-wide flash crash.
Early data suggests plenty of panic sell-offs and ‘weak hand’ capitulation over the weekend, and a curious reversal of ‘whale’ behavior since the dip.
Where does that leave BTC and its end-of-year prospects?
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 like this one, we at Santiment like to look for on- and off-chain markers of significant investor distress.
The crypto market always tries to deliver maximum pain to as many investors, which - while unpleasant - is often a necessary precursor to sustainable price recovery.
In addition, we also like to look for signals
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