There has been a lot of talk about the current market’s correction. The reason for the dip has been attributed directly or indirectly to many factors: the most prominent one being, Elon Musk‘s BTC announcement and news surrounding China’s crypto mining ban.
Overall, two scenarios played out amid this massive pullback:
- Short-term hodlers sold at a loss.
- Miners and long-term hodlers accumulated coins. Ergo, buying the dip
The same can be observed in this Glassnode based analysis.
