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Investors lost over $7 billion as Bitcoin crashed: Glassnode

ByNdasi Tata

Jun 21, 2022

Realized loss for Bitcoin investors hit a historic $7.3 billion over just three days last week, according to data from analytics firm Glassnode.

Per the firm’s data, investors reeling from sustained sell-off pressure exited positions they had taken at much higher prices, leading to the huge realized loss. In terms of definition, Glassnode looks at realized loss based on when a coin moves and what price it moves – basically it tells the difference in last price versus current price.

Long-term holders selling

As Bitcoin price crashed, investors quickly sold off roughly 555,000 BTC in the $23,000-$18,000 price range.

Notably, this included 178,000 BTC held by Long Term Holders, with some of the coins sold acquired at $69,000 – the price that marked Bitcoin’s all-time high in November 2021. The group of sellers took a -75% hit to their investment.

On average, LTH sold 1.31% of their total holdings, with aggregate long term investor balances shrinking to levels last registered in September last year.

If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020. The least profitable wallet cohort holds 1-100 $BTC, and have unrealized losses equal to 30% of the Market Cap,” Glassnode wrote.

Bitcoin was trading around $20,190 on Monday evening, with intraday lows of $19,700 and intraday highs of $20,900 making the $21,000-$23,000 level a potentially new resistance zone.

The post Investors lost over $7 billion as Bitcoin crashed: Glassnode appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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