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Bitcoin’s Price Drop Plunges 2.71M BTC Underwater

27.05.2023
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  • Growing underwater Bitcoin supply may create selling pressure.
  • Price drops indicate the market is nearing a bottom, presenting buying opportunities.

The significant digital asset, Bitcoin, recently witnessed a 14.6% decline in its worth, falling from a previous peak of $30.9K to a present value of $26.4K. This marked downturn might provoke a measure of discomfort in specific individuals. However, it presents an ideal opportunity to delve into the complexities of the marketplace and scrutinize the broader consequences of such shifts in value.

The -14.6% move downwards from the local top of $30.9K, to our current spot price of $26.4K has propelled 2.71M BTC into an underwater position, equivalent to 14% of the circulating supply.
This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M… pic.twitter.com/Ujwqj8YLwR

— glassnode (@glassnode) May 26, 2023

This downward trajectory has further led 2.71 million BTC into an ‘underwater’ position, meaning these assets are now worth less than initially purchased. This figure equates to approximately 14% of the circulating supply of Bitcoin.

Consequently, this has raised the total supply of Bitcoin, currently in loss from 3.96 million to 6.67 million BTC. A sharp increase, amounting to an alarming 68.4% in the said period.

Bitcoin’s Dip Triggers Selling Frenzy: What’s Next for Investors?

Firstly, a growing supply of Bitcoin ‘in the red’ can signal increased selling pressure. As more investors discover their assets are in a loss-making position, they might mitigate further losses by selling, adding more momentum to the downward trend of the price. This phenomenon might amplify the short-term downward trend.

Nevertheless, it’s crucial to highlight that such developments don’t necessarily signal a calamity for Bitcoin. Steep declines in price, followed by a surge in the supply of Bitcoin being traded at a loss, suggest the market is approaching its lowest point. Historically, such instances have often been followed by a reversal as ‘weak hands’ get shaken out and more resilient investors buy the dip, driving the price back up.

Moreover, times of downturn frequently present chances for long-term investors to augment their holdings at reduced prices. These investors, commonly dubbed ‘HODLers’ within cryptocurrency, possess a more extended investment outlook and remain unperturbed by transient market shifts. They see these dips as opportunities to accumulate more Bitcoin at a discounted rate.

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Bitcoin (BTC) Price Prediction 2023

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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