Bitcoin Holders Sitting on Losses Are Selling Into Every Bounce
About 45% of all of Bitcoin in circulation are currently valued at below what the owner paid.
This article is for subscribers only.
From crypto diehards to first-time ETF buyers, the people who would usually be buying Bitcoin right now can’t bring themselves to do it. And the data explains why.
Nearly 9 million Bitcoin — 45% of all tokens in circulation — is worth less than what its holders paid for it. That helps explain why every rally is dying on arrival — burned holders sell into any bounce, sapping upward momentum.