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BCH $203.90 (-1.5%)
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Latest Data Shows That 40% of BTC Holders Are Underwater

Latest Data Bitcoin News
    • 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.

Steven is passionate about all things cryptocurrency and blockchain ever since he first mined Bitcoin in 2014. He covers all updates, movements, and events relating to the top cryptocurrencies.