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Bitcoin Sellers Hit By $7.3 Billion Loss, The Largest In History

Bitcoin Sellers Hit By $7.3 Billion Loss, The Largest In History

Over the space of just three days, investors lost out massively

Bitcoin investors had a very bad few days last week, losing more than $7.3 billion in the process.

The last month has not been a good one for cryptocurrencies, with Bitcoin's value falling below $20,000 for the first time since 2020. 

And according to blockchain analytics provider Glassnode, over the course of the three days to 19 June, around 555,000 bitcoins changed hands for prices ranging from $18,000 to $23,000.

But it wasn't just short-term investors who were hit by the drop, long-term holders were also hurt, liquidating around 178,000 Bitcoin at less than $23,000.

As a result, many of those who sold suffered losses of up to 75 percent.

In a tweet, Glassnode said: "The last three consecutive days have been the largest USD denominated Realized Loss in Bitcoin history.

"Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices."

The site also spotted a number of other trends.

According to their analysis, miner balances seem to have plateaued, with investors holding onto 50,000 bitcoins while only spending around 9,000 last week.

"Miners are also under stress, with their balances stagnating from the 2019-21 accumulation uptrend, and reversing into decline," said Glassnode.

"Finally, we can see that as prices hit the $17.7k lows yesterday, just 49% of the $BTC supply was in profit.

"Historical bear markets have bottomed and consolidated with between 40% and 50% of supply in profit.

"Bitcoin investor conviction is seriously being put to the test."

The value of Bitcoin has fallen dramatically over recent weeks.

Earlier this year, El Salvador announced that it had made a huge investment in Bitcoin, spending around $150 million, with an average spend of $66,000.

However, with the price of Bitcoin falling to below $20,000, it was revealed recently that the country had lost more than half of its investment.

Despite the loss, President Nayib Bukele has assured people that their luck will change.

He wrote on Twitter: "I see that some people are worried or anxious about the #Bitcoin market price.

"My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.

"Patience is the key."

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Featured Image Credit: Alamy

Topics: Bitcoin, Cryptocurrency, Technology