Nearly a quarter of unique Bitcoin wallets are at a loss during the nearly $15,000 price drop


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.

Source: Glassnode

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.

Source: Glassnode

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%.

As Cointelegraph previously reported, Bitcoin inflows from exchanges surge In the past week, Reached a level not seen since Black Thursday.

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.