• bitcoinBitcoin (BTC) $ 84,469.00
  • ethereumEthereum (ETH) $ 1,918.28
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.39
  • bnbBNB (BNB) $ 593.68
  • solanaSolana (SOL) $ 133.54
  • usd-coinUSDC (USDC) $ 0.999885
  • cardanoCardano (ADA) $ 0.745210
  • dogecoinDogecoin (DOGE) $ 0.172997
  • tronTRON (TRX) $ 0.224159
  • staked-etherLido Staked Ether (STETH) $ 1,913.87
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 84,210.00
  • pi-networkPi Network (PI) $ 1.48
  • leo-tokenLEO Token (LEO) $ 9.78
  • chainlinkChainlink (LINK) $ 13.84
  • stellarStellar (XLM) $ 0.279516
  • wrapped-stethWrapped stETH (WSTETH) $ 2,291.76
  • usdsUSDS (USDS) $ 0.999767
  • hedera-hashgraphHedera (HBAR) $ 0.195783
  • avalanche-2Avalanche (AVAX) $ 18.58
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • suiSui (SUI) $ 2.34
  • the-open-networkToncoin (TON) $ 2.93
  • litecoinLitecoin (LTC) $ 91.86
  • bitcoin-cashBitcoin Cash (BCH) $ 331.75
  • polkadotPolkadot (DOT) $ 4.22
  • mantra-daoMANTRA (OM) $ 6.30
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • wethWETH (WETH) $ 1,920.01
  • bitget-tokenBitget Token (BGB) $ 4.42
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999521
  • hyperliquidHyperliquid (HYPE) $ 13.93
  • whitebitWhiteBIT Coin (WBT) $ 28.49
  • wrapped-eethWrapped eETH (WEETH) $ 2,039.84
  • moneroMonero (XMR) $ 209.99
  • uniswapUniswap (UNI) $ 6.07
  • susdssUSDS (SUSDS) $ 1.04
  • daiDai (DAI) $ 0.999657
  • aptosAptos (APT) $ 5.23
  • nearNEAR Protocol (NEAR) $ 2.62
  • pepePepe (PEPE) $ 0.000007
  • okbOKB (OKB) $ 46.31
  • ondo-financeOndo (ONDO) $ 0.875420
  • internet-computerInternet Computer (ICP) $ 5.73
  • ethereum-classicEthereum Classic (ETC) $ 18.07
  • aaveAave (AAVE) $ 174.71
  • gatechain-tokenGate (GT) $ 21.25
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 84,479.00
  • mantleMantle (MNT) $ 0.735882
  • official-trumpOfficial Trump (TRUMP) $ 12.40
  • crypto-com-chainCronos (CRO) $ 0.083465
  • tokenize-xchangeTokenize Xchange (TKX) $ 28.03
  • bittensorBittensor (TAO) $ 261.31
  • vechainVeChain (VET) $ 0.024745
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999597
  • kaspaKaspa (KAS) $ 0.079896
  • celestiaCelestia (TIA) $ 3.52
  • cosmosCosmos Hub (ATOM) $ 4.28
  • filecoinFilecoin (FIL) $ 2.89
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.214903
  • ethenaEthena (ENA) $ 0.354579
  • fasttokenFasttoken (FTN) $ 4.00
  • algorandAlgorand (ALGO) $ 0.199767
  • sonic-3Sonic (prev. FTM) (S) $ 0.527467
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 84,531.00
  • render-tokenRender (RENDER) $ 3.20
  • arbitrumArbitrum (ARB) $ 0.359918
  • story-2Story (IP) $ 5.87
  • arbitrum-bridged-usdt-arbitrumArbitrum Bridged USDT (Arbitrum) (USDT) $ 1.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.527171
  • optimismOptimism (OP) $ 0.872450
  • kucoin-sharesKuCoin (KCS) $ 11.13
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.513392
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 84,228.00
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,916.48
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 1,992.55
  • movementMovement (MOVE) $ 0.452585
  • nexoNEXO (NEXO) $ 1.08
  • xdce-crowd-saleXDC Network (XDC) $ 0.068392
  • makerMaker (MKR) $ 1,173.03
  • dexeDeXe (DEXE) $ 17.34
  • injective-protocolInjective (INJ) $ 10.00
  • usual-usdUsual USD (USD0) $ 0.997836
  • blockstackStacks (STX) $ 0.643731
  • immutable-xImmutable (IMX) $ 0.551633
  • worldcoin-wldWorldcoin (WLD) $ 0.869035
  • binance-staked-solBinance Staked SOL (BNSOL) $ 139.02
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,152.43
  • sei-networkSei (SEI) $ 0.204005
  • flare-networksFlare (FLR) $ 0.015145
  • the-graphThe Graph (GRT) $ 0.094736
  • theta-tokenTheta Network (THETA) $ 0.895395
  • lido-daoLido DAO (LDO) $ 0.957219
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999746
  • bonkBonk (BONK) $ 0.000011
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 84,041.00
  • eosEOS (EOS) $ 0.503514
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,034.07
  • paypal-usdPayPal USD (PYUSD) $ 1.00
  • tether-goldTether Gold (XAUT) $ 2,981.37
  • tezosTezos (XTZ) $ 0.706823
  • galaGALA (GALA) $ 0.016613
  • wbnbWrapped BNB (WBNB) $ 593.22
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999294
  • the-sandboxThe Sandbox (SAND) $ 0.284055
  • bittorrentBitTorrent (BTT) $ 0.00000070
  • stargate-bridged-usdc-berachainStargate Bridged USDC (Berachain) (USDC.E) $ 0.999013
  • jito-governance-tokenJito (JTO) $ 2.22
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 84,218.00
  • bitcoin-svBitcoin SV (BSV) $ 33.95
  • iotaIOTA (IOTA) $ 0.182803
  • jasmycoinJasmyCoin (JASMY) $ 0.013765
  • berachain-beraBerachain (BERA) $ 6.29
  • kaiaKaia (KAIA) $ 0.110704
  • msolMarinade Staked SOL (MSOL) $ 170.05
  • pax-goldPAX Gold (PAXG) $ 2,993.35
  • flowFlow (FLOW) $ 0.402456
  • usdx-money-usdxStables Labs USDX (USDX) $ 1.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,995.45
  • flokiFLOKI (FLOKI) $ 0.000061
  • neoNEO (NEO) $ 8.01
  • ethereum-name-serviceEthereum Name Service (ENS) $ 17.01
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 145.66
  • pyth-networkPyth Network (PYTH) $ 0.149793
  • curve-dao-tokenCurve DAO (CRV) $ 0.410320
  • resolv-usrResolv USR (USR) $ 1.00
  • heliumHelium (HNT) $ 2.95
  • honey-3Honey (HONEY) $ 0.999552
  • beldexBeldex (BDX) $ 0.075671
  • roninRonin (RON) $ 0.840348
  • zcashZcash (ZEC) $ 32.21
  • axie-infinityAxie Infinity (AXS) $ 3.22
  • decentralandDecentraland (MANA) $ 0.272442
  • kavaKava (KAVA) $ 0.462898
  • dogwifcoindogwifhat (WIF) $ 0.507471
  • telcoinTelcoin (TEL) $ 0.005548
  • elrond-erd-2MultiversX (EGLD) $ 18.11
  • true-usdTrueUSD (TUSD) $ 0.999856
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.64
  • starknetStarknet (STRK) $ 0.175805
  • pumpbtcpumpBTC (PUMPBTC) $ 83,121.00
  • raydiumRaydium (RAY) $ 1.64
  • dydx-chaindYdX (DYDX) $ 0.622004
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999897
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,033.33
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.172667
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 0.675958
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 1,919.56
  • chain-2Onyxcoin (XCN) $ 0.013348
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 84,363.00
  • apenftAPENFT (NFT) $ 0.00000043
  • aerodrome-financeAerodrome Finance (AERO) $ 0.535576
  • arweaveArweave (AR) $ 6.46
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 1,920.01
  • conflux-tokenConflux (CFX) $ 0.084020
  • clbtcclBTC (CLBTC) $ 83,543.00
  • ecasheCash (XEC) $ 0.000021
  • apecoinApeCoin (APE) $ 0.519237
  • chilizChiliz (CHZ) $ 0.044148
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.006703
  • thorchainTHORChain (RUNE) $ 1.17
  • ousgOUSG (OUSG) $ 110.33
  • grassGrass (GRASS) $ 1.49
  • coredaoorgCore (CORE) $ 0.409491
  • usdbUSDB (USDB) $ 0.994922
  • hashnote-usycHashnote USYC (USYC) $ 1.07
  • lorenzo-stbtcLorenzo stBTC (STBTC) $ 83,804.00
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • matic-networkPolygon (MATIC) $ 0.216008
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 1,918.60
  • infrared-beraInfrared Bera (IBERA) $ 5.66
  • compound-governance-tokenCompound (COMP) $ 41.38
  • trust-wallet-tokenTrust Wallet (TWT) $ 0.868288
  • olympusOlympus (OHM) $ 21.98
  • tbtctBTC (TBTC) $ 84,072.00
  • fraxFrax (FRAX) $ 0.998857
  • amp-tokenAmp (AMP) $ 0.004174
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 1,962.42
  • axelarAxelar (AXL) $ 0.367313
  • pendlePendle (PENDLE) $ 2.14
  • kaitoKAITO (KAITO) $ 1.40
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 1,998.61
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000062
  • akash-networkAkash Network (AKT) $ 1.35
  • beam-2Beam (BEAM) $ 0.006264
  • spx6900SPX6900 (SPX) $ 0.351022
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • binance-peg-busdBinance-Peg BUSD (BUSD) $ 1.00
  • gnosisGnosis (GNO) $ 125.18
  • based-brettBrett (BRETT) $ 0.032115
  • mina-protocolMina Protocol (MINA) $ 0.258661
  • verus-coinVerus (VRSC) $ 3.93
  • reserve-rights-tokenReserve Rights (RSR) $ 0.005524
  • stakestone-berachain-vault-tokenStakeStone Berachain Vault Token (BERASTONE) $ 1,900.33
  • morphoMorpho (MORPHO) $ 1.29
  • aioz-networkAIOZ Network (AIOZ) $ 0.263447
  • golemGolem (GLM) $ 0.293038
  • justJUST (JST) $ 0.030220
  • plumePlume (PLUME) $ 0.148997

40% of Bitcoin ($BTC) Investors Are Now Sitting on Unrealized Losses

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40% of Bitcoin ($BTC) Investors Are Now Sitting on Unrealized Losses

The price of Bitcoin ($BTC) recently plunged to $31,000 after a series of withdrawals on the Anchor Protocol sled to the largest decentralized stablecoin, UST, losing its peg. Bitcoin’s crash has seen 40% of investors in the cryptocurrency sit on unrealized losses.

In response to the UST crisis, the Luna Foundation Guard deployed over 28,200 BTC to defend the UST’s peg. The added liquidity on exchanges and led to a recovery in UST’s price, which surged from its $0.61 low to $0.94 before falling again. The added liquidity may have added selling pressure to BTC.

According to on-chain analytics firm Glassnode, network profitability defined as a “drop in the percentage of addresses, entities and/or supply in profit,” when BTC was trading at around $33,800 between 60% and 62% of BTC investors were in a state of profit, meaning around 40% were sitting on unrealized losses.

40% of Bitcoin ($BTC) Investors Are Now Sitting on Unrealized Losses

Source: Glassnode

Glassnode added that these levels are “coincident with profitability seen in the late-2018, and late 2019-20 bear markets.” Per the firm, these levels occurred “prior to the final capitulation flush out event,” which means that “further downside remains a risk.”

CNBC reports that in the last month alone, 15.5% of all BTC wallets fell into an unrealized loss at a time in which the flagship cryptocurrency’s correlation to equities has been rising. That rising correlation has seen analysts at Bank of America challenge BTC’s role as an inflation hedge and instead suggest it trades as a risk asset.

Glasnode’s analysts noted an influx of “urgent transactions” entered Bitcoin’s mempools amid the sell-off, as investors were paying higher fees while seeking to “de-risk, sell, or re-collateralise their margin positions.” Per the firm, the total value of fees paid for on-chain transactions last week reached 3.07 BTC, which is the “largest value” recorded in its dataset to date.

The firm’s report also notes that 15.2% of on-chain transaction fees were “associated with exchange deposit transactions,” a figure higher than the one seen during the height of the 2017 bull-run and the May 2021 sell-off.

It adds that over $3.15 billion worth of the flagship cryptocurrency moved into or out of exchanges, the largest amount since the market hit an all-time high near $69,000 in November 2021. The report adds:

We can further dissect this into wallet cohorts, where we see that across the board, most wallet cohorts from shrimp to whales, have greatly softened in their onchain accumulation trends. 

Per the report, entities with over 10,000 BTC have “ been a particularly significant distributive force over the last few weeks,” while retail investors with less than 1 BTC are the “strongest accumulators,” with a “notably weaker” accumulation than earlier this year.

As reported, Bank of America’s analysts expect the correlation between BTC and equities to remain in the near future. Moreover, while bitcoin has often been compared to gold, the correlation between the flagship cryptocurrency and the precious metal has dropped to near zero since June 2021, and has kept trending down.

Source

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