Crypto Market Takes A Breather

Oct 28, 2021 • 10 Min Read

Key Takeaways

  • The crypto market faced nearly $1 billion in long liquidations on Wednesday morning, stymieing Bitcoin and Ethereum’s momentum and punishing altcoins. We viewed this as generally healthy market behavior and conducive for the next leg up.
  • Long-term holders took profits off of the table following Bitcoin’s recent ATH – selling 39.6k BTC while short-term holders bought 51.3k BTC. The reentrance of short-term holders into the market is generally a good sign for price.
Metrics such as new address growth and DEX user growth point toward potential outperformance for altc...

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