Bitcoin Slide Leaves Over 70% of Active capital in Losses as Sentiment Collapses
Bitcoin’s recent drop toward $80,000 has driven most active capital in the asset into losses, signaling a shift in market conditions for the world’s largest cryptocurrency.
Bitcoin has erased nearly 35% from its October peak of about $126,000 after sinking to a seven-month low. As a result, it is now generating one of the largest waves of unrealized losses this cycle.
Over 70% of US Dollars Invested in Bitcoin is in LossAccording to data from on-chain analytics firm Checkonchain, the price rout has forced more than 70% of the capital allocated to Bitcoin underwater.
Bitcoin analyst James Check explains that 71.2% of the network’s realized capitalization carries a cost basis of at least $86,500. This metric prices each coin in the circulating supply at the value it last moved on-chain.
This chart shows the USD value of every coin in the Bitcoin supply priced when it last transacted onchain.
Think of this as our collective invested cost basis.
Over 70% of the USD invested in Bitcoin is now underwater. pic.twitter.com/9o89sg5y7d