Latest Data

    • Glassnode data shows that 40% of Bitcoin (BTC) holders are underwater following Bitcoin’s price fall of 55% from its November peak.
    • The figure is even higher when isolating short-term holders who entered the market in the last 6 months.
    • Analysts from Glassnode also noted an influx in “urgent transactions” amid this latest sell-off.

New data from Glassnode shows that 40% of Bitcoin (BTC) holders are underwater following Bitcoin’s price fall of 55% from its November peak. The figure of BTC holders under water is even higher when isolating short-term holders who entered the market in the last six months when the price of BTC peaked at around $69,000.

15.5% of all BTC wallets fell into an unrealized loss in the last month alone, as the leading cryptocurrency in terms of market cap plunged to below the $31,000 level.

Analysts from Glassnode also noted an influx in “urgent transactions” amid this latest sell-off, in which investors paid higher fees – an indication that they are willing to pay a premium to expedite transaction times. This resulted in the total value of on-chain transaction fees reaching 3.07 BTC over the last week, which is the largest ever recorded in Glassnode’s data set.

The report continued by saying that “the dominance of on-chain transaction fees associated with exchange deposits also signaled urgency.” This supports the case that BTC investors sought to de-risk, sell, or add collateral to their margin positions in response to the recent volatility seen in the market.

During the sell-off in the last week, more than $2.15 billion in value moved out of or into exchanges. This is the largest amount since the market hit its all-time high in November last year. The report also shows that wallets with balances of more than 10,000 BTC have been a particularly significant distributive force over the last few weeks.

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