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More Than 50% of Bitcoin Addresses Are Now In Loss - Slashdot

 1 year ago
source link: https://slashdot.org/story/22/11/21/232218/more-than-50-of-bitcoin-addresses-are-now-in-loss
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More Than 50% of Bitcoin Addresses Are Now In Loss

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More Than 50% of Bitcoin Addresses Are Now In Loss (coindesk.com) 49

Posted by BeauHD

on Monday November 21, 2022 @08:25PM from the hold-on-for-deal-life dept.
Most addresses holding bitcoin (BTC), the largest cryptocurrency, are now in the red, the first time that's happened since the start of the coronavirus-induced crash of March 2020. CoinDesk reports: Just over 51%, or 24.6 million addresses of the total 47.9 million, are below purchase price on their investments, according to data provided by blockchain analytics firm IntoTheBlock. About 45% are in the money, which means they are boasting unrealized gains, while the rest are roughly at break-even. 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.

The bearish momentum looks overdone, according to Lucas Outumuro, head of research at IntoTheBlock. 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. Further reading: Silence From Digital Currency Group's Genesis Spooks Crypto

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