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Bear market: more than 50% of Bitcoin holders are losing


Let’s dive into the abyss of the bearmarket! – The crypto winter is here. Even rougher than many of us could have imagined. the market is bleeding, investors are gloomy. In short, morale is at its lowest, like the winning Bitcoin addresses which are down.

What to become of bearmabull?

The bears erased the profits from the previous bull run. Returning almost to the value of the course before its meteoric rise. Indeed, the launch pad of the bullmarket of 2021 has been initiated in October 2020, at the crossing of 12,000 dollars. Two years later, we are now flirting with 15,000 dollars. A similar level therefore, making us even go back below theATH (All Time High) of the previous bull run of 2017. A completely new situation. We also crossed the 200-week moving average several months ago, something that the Bitcoin price had refused to do until then.

In this depressing fog, investors navigate on sight. And after more than a year of decline now, people are tired of a bearmarket that doesn’t seem to want to end.

The ambient gloom is at its height in the crypto market

By taking the on-chain data, we find that even long-term bitcoin holders are, for the majority of them, in latent loss. In fact, a little over 51%that is 24.6 of 47.9 million of Bitcoin addresses, have a buying average above the current price. Around $16,000 per bitcoin at the time of this writing.

A level of loss that rarely happens in an overall bullish market since its creation, 13 years ago. We now have to go back to the darkest hours of the COVID-19 crack of March 2020, during the general pre-lockdown panic, to find similar levels of loss. It is clear that the macroeconomic uncertainty, reinforced by the bankruptcy of FTXgot the better of the crypto market.

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Bitcoin Investors Stack Losses

In 2015, the bottom of the bearmarket had been found while nearly 62% Bitcoin addresses were at a loss. During the post bullrun of 2017, on the other hand, this metric stopped at 55% during the bottom of December 2018. In 2022, after this bloody month of November, we reach 52%, a value that is close to previous records. If the bottom is not reached yetthe certainty is that it is getting closer.

The price of Bitcoin has reached a level of decline rarely seen in the past.  Many holders are in losses.
Bitcoin holders have never been so at a loss since the March 2020 Covid crack – Source: Twitter

We are by no means immune to an additional cataclysm that would send the crypto market into a no man’s land history. However, by dint of exhausting the bad news, won’t it end up only remaining the good ones?

Encouraging signs are beginning to emerge on the horizon, a slowdown in the rate hike, a fall in the dollar… The Bitcoin halving, although still far away, will inexorably occur around April 2024. In short, it is in these periods that it is necessary to reinforce its convictions, not to lose hope and to take its evil in patience. Waiting to see one day appear, perhaps, the light at the end of the tunnel.

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