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Bitcoin investors lose $ 7.3 billion in three days

Bitcoin investors lose $ 7.3 billion in three days

How close is bitcoin to the bottom? Are there more losses to come – or are the markets basic?

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Bitcoin investors lose $ 7.3 billion

Bitcoin sales from Thursday to Saturday were the biggest loss ever realized for the top cryptocurrency by market cap. Investors recorded losses of $ 7.3 billion.

Notice

About 555,000 bitcoins traded during the three-day range in the $ 18,000- $ 23,000 range. Many sellers initially bought BTC at much higher prices, according to research firm Glassnode.

Short-term holders have achieved a spend-to-profit ratio that is in line with the 2018 bear market. This means: Your overall profits have fallen.

On the other hand, some long-term holders have experienced “deep capitalization” after buying at an all-time high of bitcoin of almost $ 69,000 and selling for less than $ 18,000, according to Glassnode.

“Almost all purse cohorts, from Shrimp to Whales, now have huge unrealized losses worse than in March 2020. The least profitable wallet cohort has 1-100 BTC.”

Bitcoin: low but temporary?

Marcus Sotiriou, a cryptocurrency analyst at GlobalBlock, on the other hand, stresses: Bitcoin could be near a temporary bottom. Because: historically, cryptocurrency has bottomed out when the supply percentage in profit (PSP) is 40 to 50%.

Sotiriou in a statement:

“It is important to note that in considering this historical data, Bitcoin has not experienced a period of sustained inflation. We may be approaching generational decline as more forced liquidations occur. But we cannot trust a sustained promotion until inflation is resolutely delayed. ”

Yuya Hasegawa, an analyst at Japanese cryptocurrency exchange Bitbank, sees that there is also a bigger downside as Bitcoin PSP is just over 50%.

Hasegawa:

“Bitcoin’s fall over the weekend was not deep enough, to put it simply. Bitcoin still has potential disadvantages, but if its PPS falls below 50%, the price could fall. ”

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