Citing Bitcoin.com, Bitcoin fell below $90K on Wednesday amid a multi-day sell-off, with panic selling intensifying among short-term holders, according to crypto analytics firm Glassnode. The price decline marks the third time since early 2024 that Bitcoin has dropped below the lower band of the short-term holder cost-basis model. Almost all short-term holders who bought Bitcoin in the last 155 days are now underwater, leading to widespread panic selling. Glassnode also highlighted weak demand, high ETF outflows, heightened volatility, and a shift from speculation to hedging as contributing factors to the slump. Bitcoin ETFs saw nearly $3 billion in outflows for the month, and implied volatility has risen to levels seen during a major October liquidation event. Bitcoin was trading at $89,106.70 at the time of writing, down 12.17% in seven days. Daily trading volume dropped 36.54% to $73.68 billion, while Bitcoin dominance rose to 59.35%.
Bitcoin Drops Below $90K as Panic Selling Intensifies, Glassnode Reports
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