Ethereum

Reserve

Bitcoin

April

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	<p>Bitcoin (BTC) experienced a turbulent week, ending April 23 with a 9% drop to $27,600. This marks the largest single-week percentage loss for the leading cryptocurrency since early November.</p>
<figure id="attachment_21079" aria-describedby="caption-attachment-21079" style="width: 1934px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21079 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart.png" alt="Bitcoin to USD Chart" width="1934" height="1138" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart-300x177.png 300w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart-1024x603.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart-768x452.png 768w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart-750x441.png 750w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-to-USD-Chart-1140x671.png 1140w" sizes="(max-width: 1934px) 100vw, 1934px" title="Bitcoin records its weakest weekly performance in the last 5 months 1"><figcaption id="caption-attachment-21079" class="wp-caption-text">1 Week Bitcoin to USD Chart | CoinMarketCap</figcaption></figure>
<p>The primary factors contributing to the decline of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">BTC</a> were rising bond yields and decreasing U.S. dollar liquidity.</p>
<p>The 10-year US Treasury note yield climbed six basis points (bps) to 3.58%, registering its second consecutive weekly increase. This surge diminished the appeal of risk assets, including cryptocurrencies.</p>
<p>Concurrently, the <a href="https://www.tradingview.com/script/bubYAu9l-USD-Liquidity-Conditions-Index/" rel="nofollow noopener" target="_blank">USD Liquidity Conditions Index</a>, which monitors the supply of the greenback in the monetary system, fell to $6.13 trillion – its lowest point in over a month.</p>
<p>Moreover, traders are pricing in a higher likelihood of the Federal Reserve continuing its tightening cycle with a 25 basis point rate hike in May.</p>
<h1 id="panic-selling-among-bitcoin-traders">Panic selling among Bitcoin traders</h1>
<p>The past week&#8217;s BTC price movements left many inexperienced traders feeling spooked, and on-chain analytics data from <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=&amp;m=indicators.RealizedProfitLossLthSthToExchangesRelative&amp;s=1678298018&amp;u=1682208000&amp;zoom=" rel="nofollow noopener" target="_blank">Glassnode</a> confirms this sentiment. The firm reported a sharp increase in younger coins being sent to exchanges at a loss last week.</p>
<p>Glassnode typically classifies the BTC supply by age, labeling wallets holding coins for 155 days or more as &#8220;long-term holders&#8221; (LTHs). Those holding coins for shorter periods are designated as &#8220;short-term holders&#8221; (STHs), who often represent the more speculative segment of the Bitcoin investor base.</p>
<p>Since approximately April 16, the data reveals that STH coins – moving within the past 155 days– have been transferring to exchanges at lower prices than their previous transaction price.</p>
<p>This scenario is a clear indication of increasing panic among STHs due to the recent <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> selling pressure.</p>
<p class="my-0.5">The panic among cryptocurrencies holders extends to long-term holders (LTHs) as well, with LTH realized losses also increasing among those moving funds to exchanges.</p>
<figure id="attachment_21080" aria-describedby="caption-attachment-21080" style="width: 1800px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21080 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart.webp" alt="Bitcoin Relative LongShort Term Holder Realized ProfitLoss to Exchanges chart" width="1800" height="1013" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart.webp 1800w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-300x169.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-1024x576.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-768x432.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-1536x864.webp 1536w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-750x422.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/04/Bitcoin-Relative-LongShort-Term-Holder-Realized-ProfitLoss-to-Exchanges-chart-1140x642.webp 1140w" sizes="(max-width: 1800px) 100vw, 1800px" title="Bitcoin records its weakest weekly performance in the last 5 months 2"><figcaption id="caption-attachment-21080" class="wp-caption-text">Chart Visualizing the Realized Profit/Loss of Short and Long-term Bitcoin Holders Transferring to Exchanges | Glassnode</figcaption></figure>
<p class="my-0.5"><a href="https://www.coinglass.com/Balance" rel="nofollow noopener" target="_blank">Coinglass</a> data indicates that weekly inflows to one of <a href="https://crypto.ro/en/education/best-crypto-exchange/">the largest exchange</a>, Binance, reached 21,000 BTC.</p>
<h1 id="curious-trading-behavior">Curious trading behavior</h1>
<p>Research firm Santiment observed an unusual amount of loss-making volume compared to volume in profit for both Bitcoin and <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ethereum(ETH)</a>, despite their relatively mild price retracements.</p>
<blockquote><p>The firm noted that &#8220;with many traders FOMO&#8217;ing in Bitcoin above $30k and Ethereum above $2k this past week, loss transactions have mounted as markets pulled back.&#8221;</p>
<p>Santiment added, &#8220;Since Thursday, traders are moving coins below prices they obtained them at three times as often as above.&#8221;</p></blockquote>

Bitcoin records its weakest weekly performance in the last 5 months

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