In its most recent market intel report, Philip Gradwell, the chief economist at Chainalysis, revealed that investors purchased 77,000 Bitcoin last week, an amount that is worth around $3 billion at current market prices.
As reported by BTC PEERS, the crypto market crash extended into last week, with the market losing over $350 billion in a few days. Bitcoin’s price fell considerably from $45,000 to a low of nearly $30,000, at one point witnessing $3.3 billion in liquidations within a single hour.
Panic SellingAccording to Chainalysis, investors moved a considerable amount of their Bitcoin holdings at a loss. Gradwell noted that 1.2 million Bitcoin moved at 5 to 25% loss while 120,000 Bitcoin was sent at a 25% loss or worse. In terms of the U.S. dollars, about $3.2 billion worth of Bitcoin was sold as a loss last week, and whale investors were waiting to increase their stash. He further explained:
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Source: Cryptocurrency - investing.com
