Bitcoin Panic Selling? Santiment’s $3.3B Data Says Otherwise!

Santiment interpreted realized profits exceeding losses by more than $3.3 billion from October 2–8 as suggesting the decline looked more like profit-taking than selling at a collective loss.

As debate continues over whether the pullback in Bitcoin was caused by investors giving up and selling at a loss, on-chain data from the analytics platform painted a different picture. Not a single day in the week examined closed with net realized losses.

The amount of more than $3.3 billion measured here represents the difference between realized profits and losses. Profits outweighed losses over the week as a whole, and Santiment compared this picture with other recent profit-taking weeks.

Profits outweighed losses despite the decline

Net realized profits stood at approximately $3.4 billion at the end of September and approximately $3 billion at the end of August. The result for the week of October 2–8 was also close to those levels.

By contrast, the week of August 14–20 recorded approximately $1 billion in net realized losses. Six of the seven days that week closed with net losses, while profits exceeded losses on all seven days in the most recent week examined.

Losses among new buyers may not show up in the overall total

Santiment notes that the indicator covers the entire Bitcoin network. Therefore, even if investors who bought recently sold at a loss, profits realized on older coins may keep the overall result positive.

The data does not show these investor groups separately. The platform’s assessment is also based on the overall balance in dollar terms: The latest decline looks more like profit-taking than selling at a collective loss.