Stablecoin outflow will rise in the context of the Fed doubling down on rate hikes, which makes traditional finance attractive for depositors to earn higher yields.
Long-term bitcoin holders have not disposed of their holdings into the market weakness as short-term speculators are mainly responsible for the heavy selling that exacerbates the asset’s nosedive, according to Coinbase’s latest monthly report.
It demonstrated a relative strength of the asset as the ownership percentage by long-term holders exceeded the 60% level at the peak of the previous cycle in December 2017. The report The snowball kept rolling until the violent correction hit the market, leading to a heightened contagion effect quickly spreading across the market. In particular, the OTC trading desks were largely responsible for the liquidity squeeze that forced margin calls or outright recalls on some of the loans.
Compounding the ongoing credit crisis, publicly-listed miners – who had taken huge loans secured by bitcoin holdings or mining machines during the bull market – were compelled toamid falling asset prices. However, since the top 28 public mining companies only represent 20% of bitcoin’s hashrate, their sales will not drastically affect the trading volume.
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