Bitcoin, Ethereum and XRP all moved in a similar downward direction with occasional price pumps on the short-term chart.
The larger market fell in price action after the FTX drop. Bitcoin, Ethereum and XRP were the most popular altcoins, trending lower. Bitcoin’s price fluctuated around $16,552.73 at press-time, but is still trading at the low of two years.
Ethereum and XRP followed the top crypto’s suit; However, there was a short-term price push that the two alts witnessed. Ether andXRP saw their weekly windows go up by 1.40%, 3.59% and 3.59%, respectively.
Bitcoin long-term owners in severe loss
Bitcoin price fell to a record low of $15.580 due to the FTX issue, which was last seen in November 2020. BTC transaction volume (7d MA), which reached a 5-month low at 33,628.568 BTC, has been affected by the pullback.
MVRV suggests that Bitcoin LTH (long-term holders) are experiencing severe financial stress. On average, they have -33% of unrealized loss. On-chain Exchange Flow indicated that netflows were negative for BTC despite the serious losses. There were $379.1 million daily outflows.
These losses are comparable to those experienced in 2018 bear markets lows. They saw a peak loss of -36%.
Even though a BTC price had appreciated from the lower $15,580 mark and traded above $16,500 at press time, it wasn’t time to rejoice yet.
The volume profile on BTC’s long-term chart suggested that after Bitcoin lost the $19,500 support level there wasn’t much to hold onto. It seems that Bitcoin does not have a Point of Control beyond the $11,800 price limit.
BTC can extend losses to the lower mark as there isn’t any significant trading volume above $11,800. This is where a significant recovery is possible.
IntoTheBlock’s In/Out Of Money Around Price Indicator suggested that if the price appreciates above the $16,839 resistance mark where 1.38 million addresses hold 947,000 BTC, the same can act as solid support.
There was currently no supply wall that would hold Bitcoin prices high for the moment.
Ethereum holders: Still rock!
At the time of writing, Ethereum’s price gained a mere 0.46% on the hourly window as ETH traded at $1,197.39.
ETH losses weren’t as grave as Bitcoin and some other altcoins as Ether price held above the $1000 psychological support level. On-chain exchange flows daily suggested netflows for ETH were negative, with approximately $300.6 million outflows Nov. 16.
Ethereum holders had a strong grip on their wallets even though most whale cohorts either HODLed, or continued to accumulate.
Notably, Ethereum Number Of Addresses Holding 100+ Coins surpassed 47,034, a 20 month high, on Nov. 17.
Glassnode data further revealed that the ETH Number Of Addresses Holding Over 10,000 Coins just hit a one-month high of 1,183
Lastly, the ETH Number of Exchange Deposits (7dMA) fell to 303.833 in its fifth year. This means that very little ETH was being sent out to exchanges despite the shaky market action.
The same support could also be provided if ETH prices can rise above $1350 resistance. A Bitcoin price pullback could cause further losses for ETH and other market participants. Some relief can also be expected, including the return of the whales.
520 Billion XRP Moved
The XRP price was $0.3715 at the time this article was written, down 2.25% on the daily charts but up 3.59% on a weekly basis.
Age consumed as a metric for XRP indicated that over 520Billion XRP was transferred on Nov. 15. This was because price saw a quick pump.
There have been a lot of old XRP coin sales lately. This could indicate possible redistribution.
A positive development was the slight boost in stablecoin supply by whales who have more than $5 million. These whales had nearly 1% more holdings than the lower bounds.
XRP’s price had a long way ahead despite support from whales. This is especially true given the ongoing regulatory battle.
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