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Speculators Capitulate, Demystifying DeFi Rates, and NFTs Not Dead

Jun 29, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

The market seems intent on ending June on a strong note, with BTC bouncing off range lows and up 4.5% on the day. Notably, ETH looks to be outperforming BTC again, with ETH/BTC up 12% over the last three days.

Speculators Capitulate on BTC

The relative P&L of speculators and long-term investors paints a vivid picture of the last month. Short-term speculators have been capitulating on their spot holdings at a loss, with a number of speculators exiting for a profit. The last two months have been disastrous for speculators between the exodus of leveraged longs in May and strong spot capitulation in June. On the contrary, long-term holders have been overwhelmingly in profit with a very small percentage exiting for a loss this month. Note that Glassnode categorizes long-term holders as UTXOs that have not moved coins for more than 155 days. Short term holders are UTXOs that moved coins within the last 155 days.

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