Data provided by intotheblock show most bitcoin addresses are losing money on their investment for the first time since the crash of March 2020, reports godbole17.
Most addresses holding bitcoin, the largest cryptocurrency, are now losing money, the first time that's happened since the start of the coronavirus-induced crash of March 2020.
Just over 51%, or 24.56 million addresses of the total 47.85 million, are below purchase price on their investments, according to data provided by blockchain analytics firm IntoTheBlock. About 45% are in the money, that is, boasting unrealized gains, while the rest are roughly at breakeven IntoTheBlock defines out-of-the-money addresses as those that acquired coins at an average price higher than bitcoin's going market rate of $16,067.Previous bear markets ended with the majority of addresses being out-of-the-money.The percentage of out-of-the-money addresses stood at 55% in January 2019. Bitcoin bottomed near $3,200 around the same time and began a bull run three months later.
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