Some glassnode observations:
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Whenever price creates new highs, there are invariably traders who buy the top. These new investors are the first group tested by the next period of uncertainty, and nothing spells uncertainty like a flash sell-off in futures.
With cascading liquidations come spenders in loss, and last week's event set a recent high for Realized Losses on-chain. The sum of coins spent in loss for December 4 totalled $3 billion. Coming into Saturday, previous high marks were set on May 19 and June 25, with losses of $4.5B and $3.8B respectively.
So if older coins are not being spent in notable size, and exchanges are not seeing elevated activity, then where are spent coins coming from?
They're coming from Short Term Holders— investors who bought in the past few months, most of whom are spending at a loss.
Through our observations of the data, last week's sell-off was driven by liquidations in the futures market, and the various on-chain cohorts that make up Bitcoin's supply remain largely unfazed. Those who are spending coins appear to be predominantly those who bought the top, and they are realizing losses and capitulating.
High levels of leverage followed by price volatility is a classic recipe for a correction, and capitulative moments like Bitcoin just experienced are unfortunately needed for markets to return to a healthy equilibrium. The key question we will seek to answer in the coming weeks, is whether market sentiment has taken a severe enough hit that the underlying conviction seen this week deteriorates, or does it hold on.
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https://insights.glassnode.com/week-onchain-week-49-2021/ 
... doesn't it?? 
