Summary
- Glassnode said that when Bitcoin (BTC) trades around $70,000, unrealized losses amount to about 16% of market cap.
- It explained that the current market pain zone is similar to the structure observed in early May 2022.
- It said this implies that a substantial number of investors are in a loss position versus their purchase prices.
Forecast Trend Report by Period
With Bitcoin (BTC) trading around the $70,000 level, an analysis suggests that the scale of unrealized losses across the broader market has reached a significant level relative to market capitalization.
On the 9th, on-chain analytics firm Glassnode said via X (formerly Twitter) that "when Bitcoin's price is around $70,000, the market's unrealized losses amount to about 16% of market capitalization." It added that "the market's current pain zone is similar to the structure observed in early May 2022."
This implies that a substantial number of investors are sitting on losses relative to their purchase prices.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
