According to new Glassnode data, bitcoin fell nearly 55% from its peak in November, and 40% of owners are now underwater in their investments.

This percentage is even higher if you isolate short-term owners who have gotten skin in the game in the last six months, when the price of bitcoin peaked at around $ 69,000.

In the last month alone, 15.5% of all bitcoin wallets have lost unrealized losses, as the world’s most popular cryptocurrency has fallen to $ 31,000, tracking declining technology stocks. The close correlation of bitcoin with Nasdaq challenges the argument that cryptocurrency functions as a hedge of inflation.

Glassnode analysts also noted an influx of “forward deals” amid this latest sell-off, in which investors paid higher fees, showing they were willing to pay a premium to speed up transaction time. The total value of all commissions paid for transactions in the chain over the past week reached 3.07 bitcoins – the largest size recorded in the data set.

“The dominance of commissions for chain transactions related to exchange deposits is also indicative of urgency,” the report continued, supporting bitcoin investors seeking to take risks, sell or add collateral to their margin positions in response to the recent market. volatility.

During last week’s sell-off, more than $ 3.15 billion was listed on or off the stock exchange, the largest amount since the market reached its all-time high in November 2021.

Most cohorts of wallets, “from shrimp to whales,” have mitigated the trend of accumulation in the chain, the report said, citing both small and large investors.

Wallets with a balance of more than 10,000 bitcoins have been a particularly significant distributive force over the past few weeks.

And although there are more beliefs among retail investors – data show that those holding less than 1 bitcoin are the strongest batteries – the accumulation among these smaller holders is noticeably weaker than in February and March.

Fundstrat Global Advisors calls the bottom about $ 29,000 per coin, and now the company is advising customers to buy protection for one to three months for long positions.

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