Bitcoin’s (BTC) price has dropped another 3% and is trading at a two-week low near $65,000 U.S. as retail investors flee cryptocurrencies and head for safe haven assets.
According to data from Glassnode, Bitcoin’s price is under pressure as individual retail investors with small holdings sell their crypto and move capital into value stocks or sit in cash.
Glassnode says that the heaviest selling in Bitcoin is coming from retail investors who own less than 10 BTC.
Wallets with 10 or less Bitcoin are recording the biggest sales over the past 24 hours. Cryptocurrencies trade around the clock: 24 hours a day, seven days a week.
The latest data indicates that individual investors are capitulating, while institutions and larger players remain on the sidelines, waiting for now rather than buying.
The move out of Bitcoin and other cryptocurrencies comes with stocks under pressure as prices for crude oil once again top $110 U.S. per barrel.
The benchmark S&P 500 index is close to entering a formal correction, defined as a decline of 10% or more from recent highs.
Risk assets such as stocks and crypto remain volatile as energy prices spike with the war in Iran continuing and its outcome uncertain.
