Data: Glassnode.
One consistent event which motivates the transition from a bear back towards a bull market is the dramatic realization of losses, as investors give up and capitulate at scale. November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020. Source
We have noted many times the information dumping and manipulation by on-chain analytical services such as Glassnode and other companies that provide such metrics.
But it is impossible to deny that FTX "crash" is a great information support for cryptocurrency market price direction and importantly the mood of new holders.
The media got involved in the work on FUD dispersal thoroughly, and not only the media, only lazy person did not write posts on Twitter about the collapse.
It seems that this time the analytics from Glassnode confirms the fact of capitulation of a large number of market participants. Other indirect signs also point to possible, soon change of sentiment in the market.
The market is clearing and is almost ready for a new ascent.
Also we'd like to pay your attention to FTT token, its price is more than 1$/each, which looks like something strange with the fact that exchange, which issued it, officially declared bankruptcy. But not only trading has not stopped, but on the Binance exchange it has grown several times. It doesn't look like the game is over for FTT, it doesn't look like the story with LUNA at all, maybe FTX will rise from the ashes? Time will give the answers.
Subscribe, more cryptocurrency news will be released as HP accumulates.