30% Of Bitcoin Supply Enters Into Loss As Price Continues Decline
22 Februar 2022 - 8:00PM
NEWSBTC
On-chain data reveals more than 30% of the Bitcoin supply has
entered into losses as the price of the crypto continues to
decline. Less Than 70% Of Bitcoin Entities Are Now In Profit As per
the latest weekly report from Glassnode, the percentage of BTC
entities in profit has severely dropped recently as the value now
oscillates between 76% and 65%. The “percent of entities in profit”
is an indicator that measures the percentage of Bitcoin investors
that are currently in profit. The metric works by looking at each
coin on the chain and checking its history to see the price it last
moved at. If this price is less than the current one, then the coin
has accumulated some profit. On the other hand, it being bought at
a higher price would imply that it’s in loss at the moment. An
“entity” here refers to a collection of addresses that are
controlled by the same investor(s). So based on whether the coins
held by these entities are in profit or loss, it’s possible to talk
about the profit status of the entity as a whole. Related Reading
| El Salvador Prepares Regulatory Framework To Issue
Controversial Bitcoin Bonds Now, here is a chart that shows the
trend in the Bitcoin percent of entities in profit over the past
three years: Looks like the indicator's value has sharply dropped
recently | Source: The Glassnode Week Onchain - Week 8, 2022 As you
can see in the above graph, the Bitcoin percentage of entities in
profit has plunged down recently, and is currently below 70%.
Conversely, this means that more than 30% of the entities are now
in loss. The report also notes that more than 10% of the entities
bought their coins between $33k and $44k. So if the price doesn’t
catch an uptrend soon, many of these will start going underwater,
and some will thus also be forced to sell their coins. Related
Reading | Stifel says Three Macro Factors Could Drop Bitcoin
Price To $10,000 This can lead to yet more selling pressure in the
Bitcoin market, and would therefore be bearish for the crypto’s
outcome. BTC Price Bitcoin’s price crashed below the $37k mark
early today, but has since recovered a bit. At the time of writing,
the crypto’s price floats around $37.4k, down 15% in the last seven
days. Over the past month, the coin has gained 3% in value. The
below chart shows the trend in the price of BTC over the last five
days. BTC's price seems to have sharply gone down over the last few
days | Source: BTCUSD on TradingView As uncertainties due to
geopolitical tensions rise, investors have started exiting out of
risk markets. This has resulted in a plunge in the price of
Bitcoin. Featured image from Unsplash.com, charts from
TradingView.com, Glassnode.com
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