In just three days last week, Bitcoin investors saw the largest realized loss ever—losses locked in by trading—as a Bitcoin sell-off saw investors bleed $7.3 billion, according to blockchain analytics provider Glassnode. The last month has seen a sustained crash that pushed Bitcoin’s price below $20,000 for the first time since 2020.
About 555,000 Bitcoins were traded between prices of $18,000 and $23,000, according to the firm. Long-term holders liquidated about 178,00 bitcoins at prices below $23,000, with a number of them realizing losses as high as 75 percent. “The last three consecutive days have been the largest USD denominated Realized Loss in Bitcoin history,” Glassnode wrote in a tweet on June 19.
Bitcoin miners have been feeling the pain beyond wallet balances, however. The Financial Times reported that shares in listed mining companies like Marathon Digital and Hut 8 have fallen around 40 percent over the past month, with some firms having to take machines offline as energy costs increase, Bitcoin’s price drops, and funding has dried up from capital markets…
To quote the late, great, Jerry Lester…”And away we go!”