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.