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According to new data from Glassnode, bitcoin is down nearly 55% from its November peak, and 40% of BTC holders are now left with less money than when they entered the investment.
In the past month alone, 15.5% of all bitcoin wallets have suffered unrealized losses as the world’s most popular cryptocurrency has fallen to $ 31,000, following the fall in tech stocks. The close correlation between bitcoin and the Nasdaq casts doubt on the argument that cryptocurrency acts as a hedge against inflation.
During last week’s sell-off, more than $ 3.15 billion was withdrawn from the exchange or from exchanges, the largest amount since the market hit its all-time high in November 2021.
Fundstrat Global Advisors predicts a bottom at around $ 29,000 per coin.