On Monday, the price of Bitcoin (BTC) fell to $76,500, erasing all gains made since the beginning of the month. Geopolitical tensions in the Middle East negatively impacted sentiment in the crypto market, forcing investors to reassess risks and act with caution. This is reported by Cointelegraph.com reports .
According to CryptoQuant analytical data, short-term investors who held the asset for less than 155 days transferred over 10,000 BTC to the Binance exchange on Monday. These transactions were executed at around $76,900, with an average purchase price of $78,440. As a result, investors were forced to sell nearly $769 million worth of Bitcoin at a loss.
Analysts view this situation as a capitulation or panic selling by weak hands during a market correction. According to Glassnode, more than 7.8 million BTC are currently held at a loss, and the market must absorb this excess supply to return to stable growth.
One of the factors complicating the situation is the outflow of funds from spot Bitcoin ETFs in the US. Over the last eight days, these funds recorded negative figures six times, indicating increased anxiety among institutional investors as well.
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