Bitcoin Bloodbath Led to a Lot of Panic Selling - Tokenanalyst
Blockchain intelligence firm Tokenanalyst took a few underlying factors in consideration to analyse the impact on that particular day. Generally, when the bitcoin makes its way from an exchange, it is considered as being bought, and when it makes its way to exchange, it is being sold. Tokenanalyst took these two elements and tried to draw a conclusion.
Chart shows Spent Outputs Profit Ratio (SOPR: https://t.co/NrK2cSaLH1) for 10 exchanges.
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They figured out that approximately traders sold bitcoin at a 1.5-7.7% loss during the market meltdown. Interestingly that's not an awful lot when you look at what bitcoin went through, it suffered a 50% drop, down in the mud.
As the price drops, consumers are moving large volumes of $BTC quickly to trade or exchange for fiat in order to mitigate losses. We saw a dramatic increase of BTC flowing from consumers wallets to exchanges as the price dropped," the report stated.
OKEx Stood Out According to Tokenanalyst's Report
Tokenanalyst particularly noticed an influx at the OKEx exchange. A staggering amount of $23,000 BTC via eleven deposits made was noted.
The median purchase price at the exchange was $12,815, and the deposit price was set at $6,459. Tokenanalyst suggests that if the traders would have decided to dissolve their holdings. A substantial $146 million loss would have been witnessed.
Not for one lucky chap, though. A mere investment of $9.10 back in 2012 was made by an individual which bought him ten bitcoins, On March 4, on the top crypto exchange Binance.
The BTC price that time was $8,769. if the man decided to try his hands at it, he would have made a ridiculous amount of $88,000 from it, a massive 96.262% return on his minute investment.
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