A key indicator of investor sentiment has fallen dangerously close to ATL levels
- The Bitcoin (BTC) Blockchain Is Calm Amidst a Bear Market
- Extreme Fear sets new record
As Bitcoin (BTC) falls below $21,000, on-chain analysts are reporting that some of its network’s core activity metrics are seeing new all-time highs.
The Bitcoin (BTC) Blockchain Is Calm Amidst a Bear Market
An automated service by leading on-chain analytical firm Glassnode, the portion of bitcoin (BTC) that was active at least five years ago, prints a new record, according to charts shared by Glassnode Alerts.
View metrics: https://t.co/90CEGcXoYk pic.twitter.com/jYmzAqtZEr— glassnode alerts (@glassnodealerts) 15 June 2022
According to the chart, about 23.5% of bitcoins have not left their wallets in the past five years. It should be noted that this metric increases naturally except in the most exaggerated phases of the Bulleron.
This echoes another analysis seen yesterday by U.Today. An on-chain analyst posted that bitcoin dormancy flows (a derivative of BTC wallet activity) are at their lowest level since 2010.
Therefore, this is the first bear market that bitcoin (BTC) supply meets with such insignificant on-chain activity.
Extreme Fear sets new record
In part, this should be attributed to the fact that the trading and locking of bitcoin (BTC) tends to move over time to centralized services (CEX) and, therefore, become invisible to on-chain devices.
Meanwhile, the Bitcoin (BTC) Fear and Greed Index by Alternative finally failed to sustain the May 8/100 low and fell by another point.
Bitcoin Fear and Greed Index is 7 – Extreme Fear— Bitcoin Fear and Greed Index (@BitcoinFear) 15 June 2022
Current Price: $20,970 pic.twitter.com/urBV8ovhXP
As of June 15, 2022, this metric has not decreased since the third quarter of 2019. Should it drop just two more points, it is set to revisit the all-time low recorded in October 2019.