The recent crash of bitcoin, among other things due to comments made by Tesla CEO Elon Musk, has created a total chaos among its enthusiasts.
Musk’s comments caused the cryptocurrency to fall to its lowest levels in the last 20 weeks, reaching it at $ 42,000.
Another reason for this fall is that new traders sold their positions at a loss, while long-term traders held firm, according to on-chain analytics provider Glassnode.
The total number of addresses with a non-zero btc balance has also decreased by 2.8% from its recent all-time high of 38.7 million, as more than a million traders have liquidated their positions.
“A total of 1.1 billion addresses have spent all the coins they had during this correction, again providing evidence that it is currently panicking”, Glassnode said.