Ongoing Crypto Market Downturn Forces 2,710,000 Bitcoin (BTC) Into Loss Territory: Glassnode – The Daily Hodl

Blockchain analytics agency Glassnode says that the newest market downturn plunged thousands and thousands of Bitcoin (BTC) underwater.

Glassnode says that Bitcoin’s drop from the latest prime of $30,900 in mid-April sunk a further 2.71 million Bitcoin into loss territory, about 14% of the overall BTC circulating provide.

The newest market dip elevated the overall Bitcoin provide underwater from 3.96 million BTC to six.67 million BTC, in line with the analytics agency.

“The -14.6% move downwards from the local top of $30,900, to our current spot price of $26,400 has propelled 2.71 million BTC into an underwater position, equivalent to 14% of the circulating supply. This raises the total supply in loss across the aforementioned period from 3.96 million to 6.67 million BTC, a 68.4% increase.”

Supply: Glassnode/Twitter

Glassnode additionally notices that extra of the Bitcoin flowing onto crypto exchanges is at a loss based mostly on the revenue/loss ratio, which compares the variety of cash sitting at a loss to these at a revenue.

“When assessing the profit/loss ratio (bias) of Bitcoin deposit volume to exchanges, we note a current negative bias of 0.7, suggesting coins are flowing into exchanges at a loss.”

Supply: Glassnode/Twitter

In accordance with the analytics agency, short-term holders (STH) of Bitcoin, not long-term holders (LTH), are probably responsible for many of the latest influx of BTC to exchanges.

“Breaking down the exchange inflow bias by short and long-term holders, we note that LTHs are recording a positive bias of 1.73, experiencing profitable inflows. The converse is true for STHs, recording a negative bias of 0.69, a value similar to the market-wide bias of 0.7, suggesting STHs are currently dominating exchange inflows.”

Supply: Glassnode/Twitter

Bitcoin is buying and selling for $26,717 at time of writing, up 0.9% in the course of the previous 24 hours.

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