The head of research at CryptoQuant has explained that Bitcoin on-chain data already showed signs of overheating a while before the crash.
Bitcoin Short-Term Holder Profit/Loss Margin Spiked Before Crash
Not even a couple of days after Bitcoin registered its sharp rally above the $45,000 mark, the coin has already crashed and has retraced the gains made during the move.
There has been a lot of speculation in the market regarding why the cryptocurrency has witnessed this sudden plunge. Some believe the reason to be the rumor that the US SEC is going to reject all BTC ETFs.
The head of research at analytics firm CryptoQuant, Julio Moreno, though, has hinted at a different possibility. “People will look at everything for an explanation instead of just looking at the On-chain data,” said Moreno in a post on X.
Last month, when Bitcoin had broken past the $40,000 barrier, the analyst had pointed out how the profit level of the short-term holders had spiked to high values.
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