The actual loss for bitcoin investors hit a historic $7.3 billion in just three days last week, according to data from analytics firm Glassnode.
According to the firm’s data, investors recovering from continued selling pressure took their positions at very high prices, causing huge losses. In terms of definition, Glassnode looks at actual losses based on when a coin moves and at what price it moves – basically it explains the difference in current value versus past value.
The biggest real loss in the USD denomination in the last three consecutive days has been #bitcoin history.
In excess of $7.325B $BTC Losses have been closed by investors spending the coins they have accumulated at higher prices.
A thread exploring this in more detail
1/9 pic.twitter.com/O7DjSK2rEQ— glassnode (@glassnode) June 19, 2022
Selling long term holders
Investors quickly sold around 555,000 BTC in the $23,000-$18,000 price range as the price of bitcoin fell.
In particular, it Involved Long-term holders hold 178,000 BTC, with some coins selling for $69,000 – a price marking bitcoin’s all-time high in November 2021. The sellers group took a -75% hit on their investment.
On average, LTH sold 1.31% of its total holdings, with the total long-term investor balance shrinking to the level registered in September last year.
,If we measure the losses, we can see that almost all wallet groups, from shrimp to whales, now have massive unrecovered losses, worse than in March 2020. The least profitable wallet group has 1-100$ BTC, and an unrealized loss equal to 30. % of market capital“glassnode wrote,
Bitcoin was trading near $20,190 on Monday evening, with an intraday low of $19,700 and an intraday high of $20,900, the $21,000-$23,000 level acting as a potential new resistance area.
