The crypto market experienced a serious downturn on Tuesday, and according to many on-chain metrics, a bottom in Bitcoin’s (BTC) price.
The total crypto market value hovered just over $ 2.7 trillion – marking an almost $ 1 trillion wiping since its peak in December 2024, according to TradingView data. Several indicators suggest that Tuesday’s sales may have marked a local bottom.
Other Dragosch, head of research in Bitwise Europe, emphasized that Crypto Asset Sentiment Index hit its lowest level since August, coinciding with the settlement of Yen Carry trade, which saw Bitcoin make a bottom of about $ 49,000.
“Crypto Asset Sentiment Index just flashed a massive counter -shopping signal for Bitcoin. Widespread bearishness across currents, on-chain data and derivatives suggests that downward risks are quite limited. At these prices, the risk-rewarding prospects occur quite favorably, “Dragosch noted.
On Tuesday, investors lost $ 1.8 billion to the biggest one-day realized loss since August-when the Yen berry of the trade relaxed, resulted in $ 3.2 billion in realized losses, according to Glassnode data.
In addition, short-term holders sent, defined by Glassnode as investors who have kept Bitcoin for less than 155 days, 43,600 BTC ($ 3.9 billion) to exchanges with a loss-the highest level since August 2024.
These measurements are crucial to identifying potential market -bound, which suggests that Bitcoin may be approaching a key turning point.
