Recent data from Glassnode reveals a concerning trend in the Bitcoin market, as over 25% of the cryptocurrency's supply is currently underwater. According to the results published in the material, this situation highlights the increasing pressure on buyers and the overall strain on holders who entered the market during recent price surges.
Bitcoin Trading Below Key Quantile
The supply quantiles cost basis, which tracks the cost basis of top Bitcoin buyers, indicates that Bitcoin is trading below the 0.75 quantile, currently hovering around $96,100. This significant drop has resulted in more than a quarter of the total supply being underwater, suggesting that many investors are facing losses.
Total Supply in Loss Reaches Record High
Additionally, the total supply in loss, measured on a seven-day moving average, has reached a staggering 71 million Bitcoin. This figure underscores the growing pressure on the market and raises concerns about the potential implications for future price movements as holders grapple with their investments.
In contrast to the challenges highlighted in the Bitcoin market, South Korean traders have recently increased their XRP purchases, showcasing a resilient interest in cryptocurrencies. For more details, see XRP surge.
