The SEC’s continued pressure on Binance and Coinbase exchanges has had a negative impact on cryptocurrency prices. The TOTAL metric, which measures the combined value of all cryptocurrencies, has dropped 3.3% since the start of the week. In the last 5 days, $ 37 billion money has been out of the market.
While the total value rose to $1.25 trillion in mid-April, today this figure hovers around $1.07 trillion.
The impact of the new lawsuits filed on Coinbase and Binance exchanges in the USA had a limited effect on Bitcoin. The leading cryptocurrency has lost 1.85% since the start of the week. The effect of the news on investor behavior is emerging with on-chain data.
Short-Term Investors Send BTC to Exchanges!
On-chain data aggregator Glassnode has found that short-term Bitcoin (BTC) investors are sending tokens to the exchange. According to experts, BTCs going to the stock market mean a possible sale.
Analyzing how much pressure there will be as a result of bad news, crypto experts also studied past events. Compared to the Terra (LUNA) collapse and FTX’s bankruptcy, Glassnode analysts noted that there was much less money flowing into the stock market.
They Have Been Selling For The Last 1 Month!
The on-chain tracker also studied the movement of investors who bought cryptocurrencies for less than 6 months. According to Glassnode’s STH metric, players in this category have sold their Bitcoins since the beginning of May.
However, as of June, the behavior of short-term investors has re-balanced. Experts underlined that the decline in the metric has ended for now. This may mean that short-terms start to accumulate again after the sale.
Bitcoin (BTC) Price
The leading cryptocurrency made everyone smile in the January-April period. However, when we examine the April-June period, we encounter a slight downward trend.
The recession, especially in May, brought up a motto used by crypto lovers on social media. Every year, most crypto investors repeat the comment that the market will be stagnant in the summer, with the promise of “Sell in May, go away”.
Bitcoin currently finds buyers at the level of $ 26,600. If the $27,450 and $28,450 levels are surpassed, a new uptrend may start in the short term. However, if there is a sell-through below the $25,420 level, the decline is likely to continue.
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