Bitcoin is Seeing the Largest Capital Outflow in its History

The analytics company Glassnode released the results of its analysis of bitcoin’s price, emphasizing that the cryptocurrency slipped below its 200-day moving average (DMA), which is often considered a bear market.

With bitcoin price down around 70% since its all-time highs in November 2021, Glassnode says the current bear market is “a bear of historic proportions,” mentioning that 2022 is the most significant bear market in bitcoin’s history.

Looking at the 30-day position change of the realized cap (Z-Score) to find the relative monthly capital inflow/outflow into bitcoin, Glassnode concludes that the digital asset is currently experiencing the largest capital outflow event in its history.