Bitcoin Faces More Downside After Recent Crash, Data Shows

Bitcoin suffered a sudden and deep drop in November, losing nearly a quarter of its value and wiping out over $1 trillion across the crypto market. Related Reading: Bitcoin’s Sudden Volatility Jump Signals Options Could Be Calling The Shots—Analyst Whales Trim Positions Before Crash According to on-chain data from CryptoQuant, large holders played a central role. Wallets holding between 1,000–10,000 BTC pared back their stakes in the weeks leading up to the fall. Those big sellers took profits after the October rally, and in many cases selling was steady rather than panicked. When large players step back like that, market depth can vanish quickly. A quick overview of Bitcoin’s price decline shows prices slid from record highs above $126,000 in October to roughly $81,000 at the lowest point, before a partial bounce to $87k was recorded. Traders and funds were caught off guard by the speed of the move. At the time of writing, Bitcoin was trading at $87,086, up 1.5% in the last 24 h