{"id":517999,"date":"2022-11-29T18:42:55","date_gmt":"2022-11-29T15:42:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\/"},"modified":"2022-11-29T18:42:55","modified_gmt":"2022-11-29T15:42:55","slug":"bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\/","title":{"rendered":"# Bitcoin capitulation 4th-worst ever as BTC hodlers lose $10B in a week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a37180d50db9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a37180d50db9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\/#%E2%80%9D_Bitcoin_capitulation_4th-worst_ever_as_BTC_hodlers_lose_10B_in_a_week_%E2%80%9C\" >&#8221; Bitcoin capitulation 4th-worst ever as BTC hodlers lose $10B in a week &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\/#Bitcoin_investors_see_multi-billion-dollar_losses\" >Bitcoin investors see multi-billion-dollar losses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\/#Buying_the_dip_like_its_December_2018\" >Buying the dip like it\u2019s December 2018<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_capitulation_4th-worst_ever_as_BTC_hodlers_lose_10B_in_a_week_%E2%80%9C\"><\/span>&#8221; Bitcoin capitulation 4th-worst ever as BTC hodlers lose $10B in a week &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-b8b12140>Bitcoin (BTC) hodlers have capitulated more than at almost any point in Bitcoin\u2019s history this month.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-48-2022\/\">Data<\/a>\u00a0from on-chain analytics firm Glassnode confirms that the November 2022 BTC sell-off was the fourth-largest ever.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_investors_see_multi-billion-dollar_losses\"><\/span>Bitcoin investors see multi-billion-dollar losses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the latest edition of its weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, \u201cThe Week On-Chain,\u201d Glassnode got to grips with the impact of the FTX debacle on BTC investors.<\/p>\n<p>The results have been mixed, it reveals, with a major loss of confidence, on one hand, triggering loss-making divestment of funds, while \u201cstrong accumulation\u201d has also occurred.<\/p>\n<p>For those entering BTC in current conditions, however, life has been anything but easy.<\/p>\n<p>\u201cOne consistent event which motivates the transition from a bear back towards a bull market is the dramatic realization of losses, as investors give up and capitulate at scale,\u201d Glassnode explained. <\/p>\n<blockquote><p>\u201cNovember has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/035ef62d-2bd4-4d17-8adc-66263fcd8d98.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin realized loss 7-day sum\u00a0annotated chart (screenshot). Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>While the dollar-value capitulation can be explained thanks to BTC\/USD trading five times higher than in late 2018 and 4.5 times higher than in March 2020, it is no secret that cold feet have characterized crypto markets since FTX imploded.<\/p>\n<p>As Cointelegraph reported, directly following the event, hodlers were sitting on\u00a050% of the BTC supply at an unrealized loss.<\/p>\n<p>Glassnode referenced Bitcoin\u2019s adjusted market-value-to-realized-value (MVRV) ratio, which shows that coins moving on-chain are returning loss-making levels rarely seen before in what it calls \u201cpeak under-performance.\u201d<\/p>\n<p>Adjusted MVRV ratio is the relationship\u00a0between the market value of BTC and its realized value, minus the profit impact of coins dormant for seven years or longer.<\/p>\n<p>\u201cThis metric is currently returning a value of 0.63 (average unrealized loss of 37%), which is very significant since only 1.57% of trading days in bitcoin history have recorded a lower Adjusted MVRV value,\u201d the newsletter stated. <\/p>\n<blockquote><p>\u201cIn other words, if we discount profit held across the presumably lost supply, the current market is the most underwater it has been since the near pico-bottom set in Dec 2018 and Jan 2015.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/0b3b0dd7-4e4c-4df2-8eef-e525869c4f32.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin adjusted MVRV ratio annotated chart (screenshot). Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Buying_the_dip_like_its_December_2018\"><\/span>Buying the dip like it\u2019s December 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cThe Week On-Chain\u201d nonetheless contains some good news for market participants.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K<\/em><\/strong><\/p>\n<p>Despite the previous losses, hodlers have been accumulating BTC aggressively since \u2014 and the trend is encompassing everyone, from the smallest \u201cshrimps\u201d to the largest whales.<\/p>\n<p>\u201cFrom a comparative point of view, the recent strong accumulation score following the recent sell-off resembles that of late 2018,\u201d Glassnode stated.<\/p>\n<p>It added that similar black swan events in Bitcoin\u2019s past, including recent ones such as the collapse of Terra\u2019s LUNA, sparked similar investor reactions.<\/p>\n<p>An accompanying chart, the seven-day moving average (MA) of the Accumulation Trend Score, showed current conditions as purple \u2014 characteristic of mass accumulation. Yellow, conversely, points to mass distribution of BTC on the market.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/b89f153c-e860-4adc-9aeb-e8967adf1ddb.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Accumulation Trend Score (7-day MA) annotated chart (screenshot). Source: Glassnode<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-capitulation-4th-worst-ever-as-btc-hodlers-lose-10b-in-a-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin capitulation 4th-worst ever as BTC hodlers lose $10B in a week &#8220; Bitcoin (BTC) hodlers have capitulated more than at almost any point in Bitcoin\u2019s history this month. Data\u00a0from on-chain analytics firm Glassnode confirms that the November 2022 BTC sell-off was the fourth-largest ever. Bitcoin investors see multi-billion-dollar losses In the latest edition&#8230;<\/p>\n","protected":false},"author":1,"featured_media":518000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYmY1MGRmMjAtMmI1Yy00ZDAxLWE5OGQtNDE5NzNlZTRmNjExLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-517999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=517999"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/518000"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=517999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=517999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=517999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}