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.