Bitcoin buyers who purchased around when it hit a $109,000 all-time peak in January are now panic-selling as the cryptocurrency declines, says onchain analytics firm Glassnode, which isn’t ruling out that Bitcoin could slide to $70,000.

Glassnode said in a March 11 markets report that a recent sell-off by top buyers has driven “intense loss realization and a moderate capitulation event.”

Short-term holders fled as Bitcoin dropped from peak

The surge in buyers paying higher prices for Bitcoin (BTC) in recent months is reflected in the short-term holder realized price — the average purchase price for those holding Bitcoin for less than 155 days.

In October, the short-term realized price was $62,000. At the time of publication, it’s $91,362 — up about 47% in five months, according to Bitbo data.

Meanwhile, Bitcoin is trading at $81,930 at the time of

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