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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- Source: https://cryptoinfonet.com/bitcoin-news/ongoing-crypto-market-downturn-forces-2710000-bitcoin-btc-into-loss-territory-glassnode-the-daily-hodl/
