On-chain data suggested that contrary to popular belief, both Bitcoin and Ethereum have been less volatile than many stocks. In fact, Bitcoin looked stable compared to how Netflix performed this week. The leading streaming service and production company’s stocks crashed 25% to a new yearly low, below $230.
Lately, stocks of tech companies have been trading in a subdued fashion over the fear related to interest rate hikes in the US. However, the stock market sell-off may have been specific to Netflix’s declining demand. According to the company’s latest announcement, Nextflix lost 200,000 subscribers in the first quarter of 2022, translating to roughly a $40 billion loss in just half an hour.
Crypto vs Stocks: the difference
Of course, even cryptocurrencies have dropped from their pandemic-era highs of last November, but they are still higher today than at the pandemic’s onset. While many major stocks are on the losing side for the same period, including PayPal, Meta, Disney, Zoom, and now Netflix.
Meanwhile, Bitcoin, which reached its year-lowest in mid-March, bounced back to the $40K price range this week. Instead of sell-offs, on-chain data shows significant amounts of bitcoin exchange outflows, suggesting whales have in fact been buying bitcoin after it fell to the $39,000 range. This suggests that whales may have jumped at the opportunity to accumulate more coins. During previous instances in the last year when outflow values on a similar scale were observed, the price of bitcoin observed an uplift not too long after.
For now, about 60% of bitcoin holders have been holding the crypto for over a year, while the asset’s price is gradually increasing above $41,550 with a 1.5% hike in the past seven days.
Want to invest in Bitcoin (BTC)? The easiest way to buy BTC is to purchase it through an online exchange like BitOasis. BitOasis makes it easy to buy, sell, send, receive, and store Bitcoin, Ethereum, XRP, and over 40 other popular cryptocurrencies.
Also Read: Why is Terra on a Bitcoin buying spree?
