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Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued . According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point. Even when traders are praying that markets fall so they can get discounted #Bitcoin, many feel second thoughts when presented with the actual opportunity to #buythedip. Our latest insight covers the sentiment shift as a result of last week's drop. https://t.co/bJs0KLd7d1 pic.twitter.com/9wxJB4RI5A — Santiment (@santimentfeed) August 22, 2023 Buy the dip? On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded. You might also like: SpaceX’s Bitcoin dump tri...

2022’s crypto winter was quite harsh. A host of companies from the industry collapsed one after the other. This deteriorated investors’ sentiment and ended up putting pressure on the price of the assets. A recent report from the Federal Reserve Bank of Chicago put things into perspective and revealed the role that institutions, or large account holders, played in the crypto bank runs . Specifically, the report noted, “While the platforms had many retail clients, the runs were spearheaded by customers with large holdings, some of which were sophisticated institutional customers.”  Consider Celsius’ case for instance. Every group provided Celsius with about $1.9 to $2.0 billion worth of funding before June 9, 2022. The report underlined that the owners of large-sized accounts, i.e. with over $500,000 in investments, were “the fastest to withdraw.” Moreover, they ended up withdrawing “proportionately more” of their funding. The report added, “ In fact, during this run, 35%...