Glassnode: bitcoin holders’ realized losses reached $7,3 billion

The number of long-term investors of the first cryptocurrency has declined by 178 000

21.06.2022 - 07:25

474

2 min

What’s new? Realized losses of bitcoin holders reached an all-time high of $7,3 billion. This is stated in a report by the analytics firm Glassnode. The realized loss figure reflects the difference in the value of buying digital assets and their subsequent sale on the chain. During the previous week, this figure exceeded $2,4 billion per day for three consecutive days.

Source: Glassnode.com

Glassnode’s report

What else does the report say? According to the company, the figure for Supply in Profit dropped by 49% as the bitcoin rate fell below $17 600.

Supply in Profit represents the amount of coins in the network that currently show profitable indicators (i.e. the price at the time of their purchase is lower than the current price).

Glassnode notes that miners show signs of capitulation because of their declining income. This is indicated by a 10% drop in the network’s hashrate. According to analysts’ calculations, the total income of miners has fallen by 61% below the annual average.

Capitulation is a process in which investors leave the market and sell off an asset at a loss because of a major collapse.

The number of long-term BTC holders has declined by 178 000 over the past week, equivalent to 1,31% of their total holdings.

As of June 21, 07:40 UTC, bitcoin is trading at $21 196, having added 5,73% in price in 24 hours, according to Binance.

Earlier, analysts at Glassnode announced the start of the “darkest” phase of the bear market. The company noted that bitcoin remains correlated with traditional assets, so their prices are declining in parallel. According to the report, the indicator of bitcoin accumulation has decreased by 64% since May 2022.

Author: