More than 88% of bitcoin owners suffer losses

About 88.3% of short-term bitcoin holders would record a loss if they sold their assets now, according to a report by Glassnode analysts.

Last week, the market experienced a sharp sell-off, which caused the value of the main cryptocurrency to fall below $ 25,000. According to Coingecko, at the time of writing, bitcoin is trading at $ 26,000.

According to the experts, while long-term holders do not take advantage of this drop, short-term holders of 88.3% of open positions are at an unrealized loss. The most likely scenario for further developments is the continuation of sales by short-term bitcoin holders, whose reserves now amount to 2.26 million BTC, according to Glassnode analysts.

The market leader’s decline began on August 17, when BTC fell below the support level of $ 28,400, hitting a two-month low. According to analyst Біллі Маркус" href="https://noworries.media/biography/billi-markus/" data-bio-id="3704">MarcusThielen of Matrixport, the significant drop in bitcoin was mainly triggered by a «serious landing of investment demand.» This also had a negative impact on the overall liquidity of the market. Some experts believe that in the long run, Ethereum will still be able to displace bitcoin from its leading position.

As a reminder, according to a poll conducted by PlanB analyst on Twitter, most investors believe in bitcoin’s growth in 2024. The expert asked his 1.8 million followers on platform X to answer when, in their opinion, the active phase of growth of the Cryptocurrency and the entire digital asset market will begin. The users voted: the growth of the market’s flagship will begin after halving, just like in previous times.