40 percent of bitcoin investors are now in the red as the cryptocurrency market continues to fall
According to new Glassnode data, the world’s largest cryptocurrency, Bitcoin, has declined by more than 50 percent in the last six months, when the price of bitcoin peaked at around $69,000, resulting in unrealized losses for 40 percent of its holders.
Glassnode analysts also revealed that the percentage is even higher when short-term holders who purchased the leading cryptocurrency in the game in the last six months when the price of bitcoin peaked at around $69,000 are excluded.
The influx of “urgent transactions” during this latest sell-off also resulted in higher fees, indicating that investors were willing to pay a premium to expedite transaction times.
As a result, the total value of all on-chain transaction fees paid over the last week reached 3.07 bitcoin.
Over $3.15 billion in value moved into or out of exchanges during the last week’s sell-off, the most since the market reached an all-time high in November 2021.
According to the report, most wallet cohorts, “from shrimp to whales,” have softened in their on-chain accumulation trends, referring to both small-scale and large-scale investors.
This report’s information was first seen on CNBC; to read more, click this link.