According to data provided by analytics firm Glassnode. The historic loss realized by Bitcoin investors was $7.3 billion in three days.
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.
Three consecutive days of the largest USD denominated realized loss have occurred in #Bitcoin history.
More than $7.325B in $BTCInvestors have used coins at higher values to lock in losses.
This thread explores this topic in greater detail.🧵
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— glassnode (@glassnode) June 19, 2022
Selling long-term holders
Investors quickly sold approximately 555,000 Bitcoins in the $23,000-$18,000 price bracket as Bitcoin prices crashed.
This is a notable example 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. This group of sellers lost -75% on their investment.
LTH sold on average 1.31% of its total holdings. Long-term investor balances fell to levels last recorded in September 2013.
“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 at around $20,190 on Monday night, with intraday lows in Bitcoin of $19 700 and highs in Bitcoin of $20,900. The $21,000-$23,000 mark is a potential new resistance level.
