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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Short-term Bitcoin holders’ sell-off leads to third-largest loss in 2024, totaling $537 million

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Quick Take

On June 24, Bitcoin experienced a significant price drop, breaking below the $60,000 mark and hitting a low of approximately $58,500. This decline led to a substantial realized loss of over $500 million, with data from Glassnode pinpointing the loss at $537 million.

Data from Glassnode shows that the sell-off was predominantly driven by short-term holders (STHs) who have held Bitcoin for less than 155 days. They accounted for almost the entire $537 million in realized losses. In stark contrast, long-term holders (LTHs), those holding for over 155 days, realized a mere $543,000 in losses.

Bitcoin Realized Loss by LTH/STH: (Source: Glassnode)
Bitcoin Realized Loss by LTH/STH: (Source: Glassnode)

This event marked the third-largest realized loss in 2024. It followed significant sell-offs on March 19, when Bitcoin retraced to $62,000 from an all-time high, and May 1, when the price dipped below $60,000, reaching as low as $56,500. A closer analysis reveals that out of the $537 million in losses, $441 million were from holders who had possessed Bitcoin for one month or less, according to Glassnode.

Bitcoin Realized Loss by age: (Source: Glassnode)
Bitcoin Realized Loss by Age: (Source: Glassnode)

Data from Glassnode shows that around $325 million of the losses were attributed to whales, entities holding between 100 and 10,000 BTC. This emphasizes that even large-scale investors, or whales, are susceptible to selling under market pressure, similar to retail investors.

Bitcoin Realized Loss by Wallet Size: (Source: Glassnode)
Bitcoin Realized Loss by Wallet Size: (Source: Glassnode)

The post Short-term Bitcoin holders’ sell-off leads to third-largest loss in 2024, totaling $537 million appeared first on CryptoSlate.

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