Bitcoin hodlers may have had it easy this 'bear market,' data suggests.
The subsequent drawdown has thus taken many by surprise, despite so far not matching previous bear markets.
The Glassnode figures support that idea. BTC price bottoms have tended to coincide with less than half of addresses remaining in profit, and as such, the current downtrend still has a way to go if it is to fit in with historical patterns. In March 2020, for instance, profitable addresses dropped to 41%, and before that, the 2018 bear market also saw a drop below the 50% mark.Panic, however, may already be setting in. As Cointelegraph, realized losses have been mounting among hodlers too uneasy about babysitting their funds any longer.
June 13 saw the largest on-chain realized losses in BItcoin’s history, these hitting $4.76 billion in a single 24-hour period.On the topic of how much selling needs to take place before the market reverses, Dylan LeClair, senior analyst at UTXO Management, eyed a split between retail and derivatives traders.In times gone by, he argued this week, retail has sold first, and speculators come in to finish the process by shorting BTC to unnaturally low levels.
“Getting closer,” part of a tweet summarized alongside a chart showing the costs to shorters increasing as price action waned in recent days.into the dirt after the brunt of the spot selling has taken place.
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