According to fresh statistics from Glassnode, bitcoin is down roughly 55% from its November high, and 40% of investors are now underwater on their investments.
When you exclude short-term investors who purchased bitcoin in the previous six months when the price was about $69,000, the proportion rises even more.
In the previous month alone, 15.5 percent of all bitcoin wallets have seen an unrealized loss as the world’s most popular cryptocurrency plummeted to $31,000, matching the decline in tech stocks. The strong link between Bitcoin and the Nasdaq calls into question the cryptocurrency’s role as an inflation hedge.
During this last sell-off, Glassnode analysts saw an inflow of “urgent transactions,” in which investors paid higher fees, indicating that they were ready to pay a premium for faster transaction times. Over the recent week, the total value of all on-chain transaction fees paid hit 3.07 bitcoin, the highest amount ever recorded in its database.
