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Following Bitcoin’s Drop, Addresses in Profit Slumped From 82% to 70%

Bitcoin’s most recent downturn also took a toll on the addresses that are in profit – they decreased from 82% to 70% in less than a couple of days.

As CryptoPotato reported yesterday, the entire cryptocurrency market tumbled following a broader collapse of stocks throughout the world amid rising debt crunch fears in China.
This saw over $800 billion worth of both long and short positions liquidated, and Bitcoin’s price tumbled to as low as $40,200 earlier today.
The sharp decline also caused a lot of the addresses that were previously in profit – to not be. Precisely, the number of addresses in profit slumped from 82% to 70%.
Glassnode also made a comment on the sharp move. According to them:

When the Bitcoim market eperiences significant price moves, we can assess the change in profitable on-chain entities to gauge zones of cost basis concentration.

Approximately 8.6% of on-chain entities (wallets with the same owner) have a cost basis between $43K and $48K.

Source: Glassnode

It’s interesting to see how the market will turn from its current point. Knowing that around 8.6% of on-chain entities have their coins bought between $43K and $48K means that they are currently either underwater or break even.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,143 0.43 % 3.40 % 17.64 %
Ethereum5,514.5 0.41 % 6.87 % 18.45 %
Binance Coin668.88 0.05 % 3.16 % 14.20 %
Cardano2.910 0.04 % 3.68 % 3.29 %
Tether1.340 0.12 % 0.36 % 0.20 %
XRP1.510 0.26 % 4.21 % 3.27 %
Solana229.65 0.11 % 9.93 % 13.52 %
Polkadot59.19 0.19 % 7.11 % 26.67 %
Dogecoin0.3392 0.53 % 3.74 % 12.67 %
USD Coin1.340 0.09 % 0.37 % 0.32 %

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