Panic set in as BTC broke below the STH-RP ($108,000) level. On-chain, the realized loss (entity-adjusted) spiked to $107 million (see Chart 1). While this isn’t as high as the $126 million seen on Aug 26, it’s still significantly above the levels on Aug 25, 27, and 28. So, it’s too early to say market sentiment is easing. (Chart 1) Looking at realized losses sent to exchanges, there was a clear surge around 5AM (UTC+8) on Aug 30 (see Chart 2). This coincided precisely with BTC dropping below $108,000—the average cost basis for short-term holders—triggering some investor panic.
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$BTC doing that thing where it slow bleeds and repeatedly front runs the low (typically only to crash through it later). 109k -> 115k -> 104k -> 120k if I had to guess. Expecting a move today, but if nothing comes to fruition then I'll continue to stay flat and let it chop.
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$BTC $ETH $SOL Optimally lock in all 3 of these Daily SFP's. Lose the current lows and it prob gets ugly.
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