BTC Crash Leaves Only 12% of Speculators’ Coins in Profit: Report

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An analysis conducted by Glassnode found that 88.3% of short-term investors have now become “unprofitable” due to Bitcoin’s biggest dip of the year so far by 7.2%.

This drove the current price to go below the average cost of buying the coins for speculation ($28,600), which typically provides support to the growth momentum.

The market sentiment from a psychological standpoint has become uncertain with the proximity of the realized price and the average cost of buying that hodlers pay ($20.3k).

The share of coins with profit has dropped from 73.3% to 60.5%, which is the least recorded since March. 2.48 million BTC switched to “unprofitable.”

Long-term investors retain their unhurried attitude to the increase in price volatility, which enabled them to set a new ATH in regards to the amount of BTC they held.

Meanwhile, the supply of coins held by speculators has descended to a multi-year low. A reduction of 300,000 BTC in coins with profits and a surge of 2.26 million BTC in coins that are not fruitful occurred.