Bitcoin, the largest cryptocurrency by market capitalization, has fallen nearly 55% from its November peak, and 40% of investors' portfolios in the cryptocurrency are worth less than their initial investment, according to new data from Glassnode. /p>
According to Arab Net, this percentage increases even more when isolating recent wallets that entered during the past six months after Bitcoin reached its peak at about $69 thousand.
In the last month alone, 15.5% of all Bitcoin wallets fell into an unrealized loss, as the world's most popular cryptocurrency plunged to the $31,000 level.
Analysts from Glassnode have also noted an influx of flash transactions amid these recent sell-offs, with investors paying higher fees, indicating a willingness to pay a premium in order to speed up transaction times.
All transaction fees paid on the chain totaled 3.07 bitcoins over the past week, the largest value so far recorded in its dataset.
The dominance of transaction fees on the chain of exchange deposits also indicated urgency, the report said, supporting the case that Bitcoin investors were seeking to eliminate risk, sell or add collateral to their margin positions in response to market volatility. The last.
During the last week's sell-off, more than $3.15 billion in value moved into or out of exchanges, the largest in and out movement of investments in cryptocurrency since the market hit an all-time high in November 2021.< /p>
Fundstrat Global Advisors, in turn, advised its clients to buy bitcoin at current levels, as it believes that the level of $29 thousand for bitcoin, will represent the bottom of the market currently, and recommended setting protection levels on long-term open positions for a period of 1 to 3 months .
