Here’s a breakdown of the crypto market from last week:
Crypto Gets Chopped After Increased Selling Pressure
It has been a choppy week for crypto, and the war is part of the reason why.
Bitcoin came close to $74,000, hitting a high of $73,800 on Friday, March 13th, before pulling back sharply to just above $71,000 after fresh news of US military movements in the Middle East rattled markets. That kind of move, up and then down in the same breath, pretty much sums up the week.
But here’s the more interesting story underneath the price action. On-chain data from Glassnode reportedly shows that Bitcoin holders across nearly all wallet sizes have shifted to aggressive selling this week. Smaller wallets, to mid-size wallets, even the big ones holding over 1,000 BTC, everyone has been quietly offloading. Glassnode’s Accumulation Trend Score dropped to just 0.04, which is about as close to “everyone is selling” as the data gets.
And yet, Bitcoin is still holding above $71,000. That’s actually the surprising part. With that level of selling pressure across the board, you’d expect a bigger drop. The fact that the price is holding suggests buyers are absorbing it all — and those buyers tend to be institutions that don’t show up on regular wallet trackers.
Ethereum had a rougher week, dropping to a low of $1,912 before bouncing back nearly 5% within 24 hours. Bitcoin dominance is sitting at about 58%, firmly in “Bitcoin Season” territory, meaning Bitcoin is outperforming most altcoins right now.
The market is nervous. But it’s also more resilient than it looks.
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