According to data from the analytical site IntoTheBlock, the average purchase price of 55% of total Bitcoin addresses is currently less than what their owners paid for them, as a result of the price decline following the collapse of the FTX exchange.
At the price of $16,156 that IntoTheBlock took its most recent snapshot, which results in 44% being in the black and only 1% being at break even. However, the figure is different from the aforementioned analysis in that more than 50% of Bitcoin buyers are losing money, and this means that a lot of people have more than one address in their wallets.
Having said that, there were many sources to purchase Bitcoin and other cryptocurrencies in the last two years. When these digital assets went mainstream, a lot of fresh and small buyers purchased cryptocurrencies via other sources like Paypal and Twitter founder Jack Dorsey’s Cash App. Therefore, the statement of saying more than half of the Bitcoin addresses in the red is probably accurate.
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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