Unrealized loss of the ‘average’ long-term Bitcoin investor has reached 33%, according to calculations by Glassnode.
#Bitcoin Long-Term Holders are currently experiencing acute financial stress, holding an average of -33% in unrealized losses.
This is comparable to the lows of the 2018 bear market, which saw a peak unrealized loss of -36% on average.
Chart: https://t.co/qIGAxtSyGZ pic.twitter.com/BBtbOtApy1
— glassnode (@glassnode) November 17, 2022
Experts noted that the current MVRV reading corresponds to the bear market of 2018 just before its end. At that time, unrealized losses among hodlers reached 36%.
Earlier Glassnode recorded a modest decline in the balances of long-term investors amid the turbulence caused by the FTX collapse. This was seen as a sign of maintained confidence in the prospects for digital gold, they added.
Loss of trust among Bitcoin investors in centralized platforms manifested itself in higher balances across all market participants—from ‘shrimp’ (less than 1 BTC) to whales (more than 1000 BTC), according to Glassnode.
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