/crypto
Meme_police
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2 years ago
Longer-term Bitcoin holder losses hit two year lows
Bitcoin’s long-term holders are beginning to suffer losses matching those from previous bear markets, and Glassnode believes the pain may continue, and even get worse.
Long-term Bitcoin holders are sitting on their largest losses since the March 2020 capitulation and the 2018-2019 bear market but may have to keep waiting for relief.
Calculated by measuring the value of coins deposited to exchanges, aggregated realized losses from long-term holders (LTH) of Bitcoin (BTC) exceeded 0.006% of the market capitalization by May 29 according to Glassnode’s The Week Onchain report from June 6.
However, the dramatic losses may continue for some time if historic loss patterns from previous bear markets are to be repeated. From 2018 to 2019, LTH losses reached a peak of 0.015% of the market cap, and those losses extended for about a year. The current losses to long-termers have only been observed for about a month.
Glassnode writes that LTH losses now resemble those from previous bear markets, but that they need to continue for a longer period of time before being truly comparable. The report states:
“The LTH losses on coins deposited to exchanges have now reached a magnitude comparable to previous bear markets. However, we do not yet have the duration component.”
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