Santiment Commented on Cryptocurrencies: Price Returned to Normal, Load Decreased!

Glassnode shared a remarkable report on the current status of the cryptocurrency market.

The current report, which was transferred by the on-chain analysis platform Glassnode, included market analysis. Analysts, who stated that August started very volatile in line with the correlation, reminded that this was seen in all markets, including cryptocurrencies.

This decline was recorded as the biggest decline of the cycle for Bitcoin. Those most affected by the decline were small short-term investors.

Short-term investors suffered serious losses with losses of $ 1.38 billion. This situation created panic in the market, and large liquidations took place. Glassnode emphasized that these liquidations eased the burden on the market.

The “Correlation 1” event also showed that Bitcoin was no exception and recorded its biggest downside in the cycle, with major assets and stocks falling significantly.

The price contraction caused the Bitcoin spot price to reach the active investor price of $51,400, a very important level for investor psychology.

According to CoinGecko data, Bitcoin, which has increased by 1% in the last 24 hours, is trading at $57,200 at the time of writing.