The market sell-off last week marked the biggest loss in history for Bitcoin investors, recording losses of around $7.3 billion.
The bloodbath that saw BTC drop from $21,000 to under $18,000 over the weekend resulted in the largest loss in dollars for bitcoin investors. Interestingly, long-term holders are among the most active sellers, some of which have seen losses of more than 70%.
Specifically, according to Glassnode data, around 555,000 Bitcoins were trading in the $18,000 to $23,000 range over the past three midweek days as BTC for the first time in 18 months lost the $20,000 threshold. Short-term holders achieved an Output Rate equal to the 2018 bear market.
BTC holders “saw” more than $7.3 billion in losses Friday through Sunday, currently “the largest dollar-denominated loss in bitcoin history.” This comes as the asset plunges from $21,000 to an 18-month low of $17,500 in the same time frame.
In fact, such investors have seen losses more than three times over the past five years – at the start of the 2018 bear market, the COVID-19 crash in March 2020, and from March 2020 to July 2021.
What was perhaps more surprising about the weekend sell-off was the behavior of long-term holders. Glassnode says such investors have processed 178,000 BTC at a price below $23,000, some of which have seen massive losses of 70%. Their total balance has dropped to September 2021 levels since they sold off about 1.31% of their total BTC holdings.
With Bitcoin dumping below $18,000, Glassnode noted that the return on asset supply has dropped to 49%. Historically, bear markets have bottomed with this percentage dropping to somewhere between 40% and 50%, which could indicate that the bottom could be in the current correction.
It should be noted that BTC has shown some positive signs, recovering over $3,000 in a single day as it is currently hovering above $20,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
Author
The market sell-off last week marked the biggest loss in history for Bitcoin investors, recording losses of around $7.3 billion.
The bloodbath that saw BTC drop from $21,000 to under $18,000 over the weekend resulted in the largest loss in dollars for bitcoin investors. Interestingly, long-term holders are among the most active sellers, some of which have seen losses of more than 70%.
Specifically, according to Glassnode data, around 555,000 Bitcoins were trading in the $18,000 to $23,000 range over the past three midweek days as BTC for the first time in 18 months lost the $20,000 threshold. Short-term holders achieved an Output Rate equal to the 2018 bear market.
BTC holders “saw” more than $7.3 billion in losses Friday through Sunday, currently “the largest dollar-denominated loss in bitcoin history.” This comes as the asset plunges from $21,000 to an 18-month low of $17,500 in the same time frame.
In fact, such investors have seen losses more than three times over the past five years – at the start of the 2018 bear market, the COVID-19 crash in March 2020, and from March 2020 to July 2021.
What was perhaps more surprising about the weekend sell-off was the behavior of long-term holders. Glassnode says such investors have processed 178,000 BTC at a price below $23,000, some of which have seen massive losses of 70%. Their total balance has dropped to September 2021 levels since they sold off about 1.31% of their total BTC holdings.
With Bitcoin dumping below $18,000, Glassnode noted that the return on asset supply has dropped to 49%. Historically, bear markets have bottomed with this percentage dropping to somewhere between 40% and 50%, which could indicate that the bottom could be in the current correction.
It should be noted that BTC has shown some positive signs, recovering over $3,000 in a single day as it is currently hovering above $20,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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