The largest cryptocurrency by market cap, Bitcoin, has dropped nearly 55% since its peak in November, and 40% of investor portfolios are worth less than their initial investment, according to new data from Glassnode.
This percentage is even higher when isolating recent wallets that entered the past six months after Bitcoin peaked at around $ 69,000.
In the past month alone, 15.5% of all Bitcoin wallets have fallen in an unrealized loss, as the world’s most popular cryptocurrency plunged to the $ 31,000 level.
Glassnode analysts also noted the influx of “smashing.” trade” in amid these recent sales, with investors paying higher commissions, indicating a willingness to pay a premium to speed up transaction times.
The total value of all transaction fees paid on the chain was 3.07 bitcoin in the last week, the highest value recorded so far in his set of data.
“The dominance of transaction fees over the chain associated with deposits in currency also indicates urgency, “says the report, supporting the case that Bitcoin investors were looking to eliminate risk, sell or add collateral to their positions on margin. in response to recent market volatility.
During the sell-off last week, more than $ 3.15 billion in value entered or exited exchanges, the largest movement in and out of investments in cryptocurrency since the market hit an all-time high in November 2021.
In turn, Fundstrat Global Advisors advised its clients to buy “Bitcoin” at current levels, as it believes the $ 29,000 level for Bitcoin will currently represent the lowest level in the market and recommended setting protection levels on positions. open long-term for a period of 1 to 3 months.
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