Another BTC panic selling threat? The weight of blockchain analytics company Glassnode

Blockchain analytics firm Glassnode is assessing the potential for a second Bitcoin panic sale after its flagship crypto asset dropped 50% from its all-time high of $ 64,802. In his weekly letter, Glassnode says the number of losses from the recent collapse has overshadowed all other delivery events in Bitcoin history, including March 2020, November 2018, and the sale that closed the last bull market. In January and February. The company also looks at the number of unrealized losses in the market and examines whether position losers will be sold as soon as Bitcoin launches a relief rally. “An important remaining question is how large the unrealized losses are, or in other words, how many submarine parts could panic? We examine the relative unrealized losses representing the ratio of total underwater value to current market value. Glassnode concludes that 9% to 9.5% of Bitcoin's total market capitalization, currently $ 700 billion, are unrealized losses in underwater value that amount to roughly $ 65 billion. The actual profit / loss measure (NUPL) that determines whether the BTC market is in profit or loss has dropped below 0.5, which indicates that only half of Bitcoin's market value is profit. Significantly, the 0.5 NUPL area served as support in previous bull runs and the 2017 cycle reached this level four times before its peak. In the 2021 bull market, the most recent correction indicates that BTC has reached 0.5 for the first time. Source: Glassnode Glassnode claims that those most affected by the market crash are very short-term owners. “The short-term holders currently have a total unrealized loss of 33.8% of the capitalization of the mark's coins. This only compares to the most extreme drops in Bitcoin history, including: the first Bull peak in 2013, three events in 2014-15,

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