{"id":522132,"date":"2022-12-06T18:03:00","date_gmt":"2022-12-06T15:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-clings-to-17k-as-ark-flags-historically-significant-capitulation\/"},"modified":"2022-12-06T18:03:00","modified_gmt":"2022-12-06T15:03:00","slug":"bitcoin-clings-to-17k-as-ark-flags-historically-significant-capitulation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-clings-to-17k-as-ark-flags-historically-significant-capitulation\/","title":{"rendered":"# Bitcoin clings to $17K as ARK flags &#8216;historically significant capitulation&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2f2f2979cb2\" 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-6a2f2f2979cb2\" 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-clings-to-17k-as-ark-flags-historically-significant-capitulation\/#%E2%80%9D_Bitcoin_clings_to_17K_as_ARK_flags_%E2%80%98historically_significant_capitulation_%E2%80%9C\" >&#8221; Bitcoin clings to $17K as ARK flags &#8216;historically significant capitulation&#8217; &#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-clings-to-17k-as-ark-flags-historically-significant-capitulation\/#ARK_FTX_scandal_may_be_%E2%80%9Cmost_damaging_event%E2%80%9D_ever\" >ARK: FTX scandal may be &#8220;most damaging event&#8221; ever<\/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-clings-to-17k-as-ark-flags-historically-significant-capitulation\/#%E2%80%9CA_historically_significant_capitulation_is_underway%E2%80%9D\" >&#8220;A historically significant capitulation is underway&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_clings_to_17K_as_ARK_flags_%E2%80%98historically_significant_capitulation_%E2%80%9C\"><\/span>&#8221; Bitcoin clings to $17K as ARK flags &#8216;historically significant capitulation&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-0aad2d21>Bitcoin (BTC) and decentralized blockchains are \u201cas strong as ever\u201d in the wake of the FTX meltdown, ARK Invest says.<\/p>\n<p>In the latest edition of its monthly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ark-invest.com\/wp-content\/uploads\/2022\/12\/The-Bitcoin-Monthly-November-2022.pdf\">The Bitcoin Monthly<\/a>,\u201d the investment giant came out firmly bullish on BTC.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ARK_FTX_scandal_may_be_%E2%80%9Cmost_damaging_event%E2%80%9D_ever\"><\/span>ARK: FTX scandal may be &#8220;most damaging event&#8221; ever<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With BTC price volatility ebbing into December, the industry is still reeling from ongoing FTX contagion. <\/p>\n<p>As lawmakers only begin to get to grips with the events, when it comes to Bitcoin, ARK is doubling down on its conviction \u2014 and setting it firmly apart from centralized alternatives.<\/p>\n<p>\u201cThe fall of FTX could be the most damaging event in crypto history,\u201d one of the latest report\u2019s \u201ckey takeaways\u201d states.<\/p>\n<p>While acknowledging that even Digital Currency Group (DCG) \u2014 one of whose products, the Grayscale Bitcoin Trust (GBTC), it recently bought \u2014 \u201cfaces considerable pressure\u201d as part of the fallout, ARK delivered a key critique of what it called \u201ccentralized inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries.\u201d<\/p>\n<p>\u201cARK\u2019s conviction in decentralized and transparent public blockchains is as strong as ever,\u201d it confirmed. <\/p>\n<blockquote><p>\u201cThe FTX and other cases like Celsius and Alameda suggest that decentralization and transparency are paramount as antidotes to the gross mismanagement that can be associated with centralized intermediaries, especially fraudulent ones.\u201d<\/p><\/blockquote>\n<p>As such, despite being bearish on some on-chain metrics, there was reason to keep the faith on Bitcoin.<\/p>\n<p>Examples to bear in mind included the resilience of long-term investors, a group refusing to give into the temptation to sell despite recent BTC price declines.<\/p>\n<p>\u201cWe believe this datapoint indicates holders\u2019 long-term focus and high conviction, despite recent events. Today, long-term-holder supply is 72% of bitcoin\u2019s total circulating supply,\u201d the report continued.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/bde792f2-0b8b-48d2-a90a-eb863e17a6bd.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin long-term holder (LTH) supply chart (screenshot). Source: ARK Invest<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CA_historically_significant_capitulation_is_underway%E2%80%9D\"><\/span>&#8220;A historically significant capitulation is underway&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin&#8217;s realized profit\/ loss ratio also came in for attention, this now hitting all-time lows, as Cointelegraph reported. <\/p>\n<p><strong><em>Related:\u00a0\u2018Imminent\u2019 crash for stocks? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Profit\/ loss ratio refers to BTC transacted on-chain in profit and loss, respectively.<\/p>\n<p>\u201cBitcoin found meaningful bottoms in every previous instance\u20142011, 2015, and 2019\u2014in which that metric reached &lt;10%,\u201d ARK commented. <\/p>\n<blockquote><p>\u201cNovember\u2019s realized profit\/loss data inform our view that a historically significant capitulation is underway.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/933e3ebc-e75e-47ec-94cc-7cf8c91ac68b.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin realized profit\/ loss ratio chart (screenshot). Source: ARK Invest<\/em><\/figcaption><\/figure>\n<p>BTC\/USD traded around the $17,000 mark at the Dec. 6 Wall Street open, data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed, still attempting to flip the level to firm support after days of indecisiveness.<\/p>\n<p>ARK&#8217;s CEO, Cathie Wood, earlier this year doubled down on a prediction that Bitcoin would hit $1 million by 2030.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/1491e276-e293-47e1-811d-11bf01e824c6.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/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-clings-to-17k-as-ark-flags-historically-significant-capitulation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin clings to $17K as ARK flags &#8216;historically significant capitulation&#8217; &#8220; Bitcoin (BTC) and decentralized blockchains are \u201cas strong as ever\u201d in the wake of the FTX meltdown, ARK Invest says. In the latest edition of its monthly newsletter, \u201cThe Bitcoin Monthly,\u201d the investment giant came out firmly bullish on BTC. ARK: FTX scandal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":522133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvNzZiNzMwYWMtMDc0Mi00YzZjLTk0NDktODExMjM4YTNmN2NiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[93835,74862,74937,73785],"class_list":["post-522132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ark","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522132","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=522132"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/522133"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=522132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=522132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=522132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}