EMC Labs: The large-scale sell-off of BTC is nearing its end, the first wave of major sales in the bull market will help boost the price in the next stage
Cryptocurrency fund management company EMC Labs released its March report. The report shows that investors began large-scale selling from February 26th. From February 26th to March 12th, the price of BTC rose from $51,730.96 to $71,475.93. From March 13th to March 31st, the price of BTC fell from a high of $73,709.99 to $60,771.74. From February 26th to March 31st, sellers locked in nearly $63 billion in profits cumulatively. By the end of March, the scale of selling had significantly decreased but still remained as high as one billion dollars. EMC Labs believes that the first wave of major sell-offs in this bull market is nearing its end which will help boost prices in the next stage.
In March, a total inflow of $8.9 billion was recorded through stablecoin channels setting a monthly inflow record for this cycle so far . This inflow served as basic support for BTC's record-breaking prices in March and also acted as one party absorbing some sales during the massive sell-off in March . Analysis on BTC ETF data reveals that there were no significant outflows during this round of heavy selling adjustments with only minor outflows recorded between Mar18-Mar22 . Funds continue flowing into both stablecoin channels and BTC ETF channels , providing important support for subsequent recovery and new highs in BTC prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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