Short-Term Bitcoin Holders Down To Largest Unrealized Losses Since FTX Collapsed: Glassnode
Portfolio Pulse from Murtuza Merchant
Short-term Bitcoin holders are facing their largest unrealized losses since the FTX collapse, driven by the Bank of Japan's unexpected interest rate hike. Bitcoin dropped by almost 19%, and Ethereum fell by nearly 25%. The market stress has led to $1.38 billion in realized losses, with short-term holders accounting for 97% of these losses. Key price levels for Bitcoin are $45,900 (True-Market Mean) and $51,200 (Active Investor Price).
August 08, 2024 | 12:01 pm
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NEGATIVE IMPACT
Bitcoin has dropped by almost 19%, leading to significant unrealized losses for short-term holders. The market stress has resulted in $1.38 billion in realized losses, with short-term holders accounting for 97% of these losses.
The significant drop in Bitcoin's price and the large amount of realized losses indicate a negative short-term impact on Bitcoin's price. The market stress and panic-driven selling among short-term holders further support this analysis.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum faced a more severe loss, falling by nearly 25%. The market stress has led to significant realized losses, with short-term holders accounting for 97% of these losses.
The severe drop in Ethereum's price and the large amount of realized losses indicate a negative short-term impact on Ethereum's price. The market stress and panic-driven selling among short-term holders further support this analysis.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100