Nearly a quarter of unique Bitcoin wallets at a loss amid $15K price dump

Bitcoin (BTC) is down virtually 30% within the final seven days and this dip has triggered an virtually commensurate plunge within the proportion of wallets in revenue.

Data from crypto knowledge supplier Glassnode shows that Bitcoin price drawdown has led to virtually a quarter of unique on-chain entities being at a loss. This scenario additionally bears some parallels to earlier excessive draw back price motion durations that interrupted bullish advances.

Source: Glassnode

During the Black Thursday crash of March 2020, unique on-chain entities at a loss additionally approached the 25% mark as Bitcoin fell virtually 50%.

Further again, the 2019 rally from the $3,500 backside of the 2018 bear market additionally had a related momentary break that noticed the proportion of unique wallets at a loss additionally slide in direction of 25%.

In all earlier conditions the place the p.c of entities at a loss approached 25% throughout a bullish advance, Bitcoin shortly rebounded to publish a new excessive.

Glassnode’s price drawdown from the all-time excessive chart additionally paints a related image of the severity of the present BTC decline. Bitcoin’s price drawdown from ATH is at present at 33% — essentially the most since BTC smashed the $20,000 price barrier again in November.

Source: Glassnode

Back in January, the price drawdown from ATH additionally briefly touched 27% as Bitcoin’s uninterrupted price quadrupling that started in September 2020 cooled off as BTC misplaced about $10,000 inside a week.

As beforehand reported by Cointelegraph, Bitcoin inflows to exchanges have surged over the previous week, reaching levels not seen since Black Thursday.

The huge selloff over the previous week has seen the full crypto market capitalization lose about $700 billion inside seven days. More than half of that decline happened in the last 24 hours as a number of crypto shed between 15 and 30% in 1-day buying and selling costs.