Glassnode: Top BTC buyers 'surrendered'

Buyers at the November 2021 Bitcoin price peak have largely capitulated amid new geopolitical risks and market uncertainty, according to a new report from blockchain analytics firm Glassnode.

The beliefs of many bitcoin investors will be significantly challenged this week, mainly those who bought near the top of the coin.

During the last two-and-a-half months of consolidation, a large amount of supply was moved to exchanges by top buyers and then gradually absorbed by buyers with higher convictions, aggravating the $29,000 to $40,000 price range This behavior reflects a massive weaker-to-stronger redistribution event within Bitcoin’s cost base. However, many investors who accumulated in the May-July correction profited on the recovery, creating volume nodes around $35,000, $47,000 and $62,000.