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Analysis: On-chain data shows sentiment recovery, number of BTC liquidation addresses decreasing
Summary: Contrary to popular belief, data analyst Murphy noted signs of sentiment recovery in on-chain data. The number of addresses completely liquidating BTC within 30 days surged from November 13 to 25, coinciding with the fastest and largest drop in BTC price during that period. The large number of liquidation addresses also reflects market sentiment of ...
Contrary to popular belief, data analyst Murphy noted signs of sentiment recovery in on-chain data. The number of addresses completely liquidating BTC within 30 days surged from November 13 to 25, coinciding with the fastest and largest drop in BTC price during that period. The large number of liquidation addresses also reflects market sentiment of panic and pessimism.
However, from December 1 to 18, as BTC repeatedly tested lows, the number of liquidation addresses started to decrease, aligning perfectly with the bullish behavior and sentiment changes shown in the futures market.
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Link: Analysis: On-chain data shows sentiment recovery, number of BTC liquidation addresses decreasing [Copy]