Blockchain analytics agency Glassnode says that the most recent market downturn plunged thousands and thousands of Bitcoin (BTC) underwater.
Glassnode says that Bitcoin’s drop from the latest high of $30,900 in mid-April sunk an extra 2.71 million Bitcoin into loss territory, about 14% of the whole BTC circulating provide.
The most recent market dip elevated the whole Bitcoin provide underwater from 3.96 million BTC to six.67 million BTC, in keeping with the analytics agency.
“The -14.6% transfer downwards from the native high of $30,900, to our present spot value of $26,400 has propelled 2.71 million BTC into an underwater place, equal to 14% of the circulating provide. This raises the whole provide in loss throughout the aforementioned interval from 3.96 million to six.67 million BTC, a 68.4% enhance.”
Glassnode additionally notices that extra of the Bitcoin flowing onto crypto exchanges is at a loss primarily based on the revenue/loss ratio, which compares the variety of cash sitting at a loss to these at a revenue.
“When assessing the revenue/loss ratio (bias) of Bitcoin deposit quantity to exchanges, we notice a present unfavorable bias of 0.7, suggesting cash are flowing into exchanges at a loss.”
In accordance with the analytics agency, short-term holders (STH) of Bitcoin, not long-term holders (LTH), are doubtless responsible for many of the latest influx of BTC to exchanges.
“Breaking down the alternate influx bias by brief and long-term holders, we notice that LTHs are recording a optimistic bias of 1.73, experiencing worthwhile inflows. The converse is true for STHs, recording a unfavorable bias of 0.69, a price much like the market-wide bias of 0.7, suggesting STHs are at present dominating alternate inflows.”
Bitcoin is buying and selling for $26,717 at time of writing, up 0.9% through the previous 24 hours.
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