Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette
Plucky bitcoin's been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023.
Battered bitcoin's been unresponsive since being clobbered by the FTX collapse, taking in a deep ragged breath before plunging towards the depths of $5,000.
Place your bets, spin the wheel.
The world's dominant cryptocurrency has certainly been uncharacteristically muted over the past two weeks, treading water between about $15,770 and $17,350 in the eerie wake of the FTX-induced market mini-crash in November.
What happens next is anyone's guess.
"The question we need to be asking ourselves now is: Are there any sellers left in this market? To my mind, no, there aren't that many left," said Jacob Sansbury, co-founder of retail investor services firm Pluto.
Sansbury believes most over-leveraged miners, who tend to be large holders of bitcoin, have exited positions to pay off debts taken out in traditional money to fund their equipment and operations.
Indeed bitcoin's recent calmness could be down to the fact that there are fewer coins to sell: the amount held on exchanges for trading stands at 1.97 million, Coinglass data shows, down steeply from 2.33 million at the start of the year.
Major offloading has already taken place; November saw a 7-day realized loss of $10.16 billion in bitcoin investments as investors were forced to exit long-term positions, the fourth-largest loss on record by this measure, according to Glassnode data.
The cryptocurrency has already dropped more than 60% in 2022 and set to see its first annual loss since 2018.
Many remaining investors are placing their bitcoin into offline "cold storage" according to on-chain data, which
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