Amid $15K price dump, nearly a quarter of unique Bitcoin wallets at a loss

Amid $15K price dump nearly a quarter of unique Bitcoin wallets at a loss

The dip of Bitcoin has triggered an almost commensurate plunge in the percentage of wallets in profit, because Bitcoin (BTC) has been down almost 30% in the last seven days.

Bitcoin’s price drawdown has led to almost a quarter of unique on-chain entities being at a loss, according to Data from crypto data provider Glassnode. This situation also bears some parallels to previous extreme downside price action periods that interrupted bullish advances.

Unique on-chain entities at a loss also approached the 25% mark as Bitcoin fell almost 50%, during the Black Thursday crash of March 2020.

Also, had a similar temporary break that saw the percentage of unique wallets at a loss also slide toward 25%, was the $3,500 bottom of the 2018 bear market.

In all previous situations where the percent of entities at a loss approached 25% during a bullish advance, Bitcoin quickly rebounded to post a new high.

Glassnode’s price drawdown from the all-time high chart also paints a similar picture of the severity of the current BTC decline. Bitcoin’s price drawdown from ATH is currently at 33% — the most since BTC smashed the $20,000 price barrier back in November.

Back in January, the price drawdown from ATH also briefly touched 27% as Bitcoin’s uninterrupted price quadrupling that began in September 2020 cooled off as BTC lost about $10,000 within a week.

As previously reported by Cointelegraph, Bitcoin inflows to exchanges have surged over the past week, reaching levels not seen since Black Thursday.

 

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