Bitcoin (Bitcoin) Has fallen by nearly 30% in the past 7 days, and this decline has triggered a decline in the percentage of wallet profits.
Data from the encrypted data provider Glassnode Performance The fall in the price of Bitcoin has caused nearly a quarter of unique on-chain entities to lose money. This situation is also somewhat similar to the previous period of extreme downside price action, which interrupted the bullish rally.
In the Black Thursday crash in March 2020, the only loss-making on-chain entity was also close to 25%, and Bitcoin fell by nearly 50%.
Looking further back, in 2019, the rebound from the bottom of the $3,500 bear market in 2018 also had a similar temporary breakthrough, and the proportion of unique wallets that lost money also slipped to 25%.
In all previous cases, when the percentage of entities that lost money during the bullish rally approached 25%, Bitcoin quickly rebounded to make new highs.
Glassnode’s price drops from its all-time high chart It also depicts a similar situation with the current severity of BTC decline. Bitcoin’s price drop from ATH is currently 33%, the highest level since BTC broke the $20,000 price barrier in November last year.
As early as January, because Bitcoin (BTC) lost about $10,000 in a week, the price of Bitcoin has cooled four times continuously since September 2020, and the price drop from ATH also briefly touched 27%.
The massive sell-off in the past week showed that the total market value of cryptocurrencies lost approximately $700 billion in 7 days.More than half of the decline Occurs in the last 24 hours Because some cryptocurrencies have fallen by 15% to 30% in their 1-day trading price.