Analytics provider Glassnode has been breaking down last week’s market slump in its Monday “Week on Chain” report, revealing that the market traded down by over 47% from the weekly high of $59,463, to lows of $31,327. This generated a massive red $28K weekly candle, the largest ever.
“The magnitude of realised losses on-chain this week has, eclipsed all previous capitulation events, including March 2020, Nov 2018 and the sell-off that ended the last bull market in Jan-Feb 2018.”
300% Worse Than Previous Losses
The USD value of daily losses realized by spent coins hit a new all-time high of $4.53 billion on May 19, it added. This was more than 300% higher than any previous spike and a whopping $14.2 billion total weekly realized loss.
#Bitcoin has experienced a tremendous deleveraging, with prices falling over 50%, and on-chain entities taking historically large losses.
We analyse:
– Magnitude of Losses
– Cross Section of Sellers
– Market Deleveraging
Read more in The W
Źródło: https://cryptopotato.com/bitcoin-fud-bath-drives-4-5-billion-in-realized-losses/
