🧵 1. Over 80% of short-term Bitcoin holders are currently underwater on their positions, says on-chain analyst Checkmate. The trend resembles past bearish signals. #crypto
🧵 1. Over 80% of short-term Bitcoin holders are currently underwater on their positions, says on-chain analyst Checkmate. The trend resembles past bearish signals. #crypto
🧵 2. Short-term holder metric shows similarities to 2018, 2019, and 2021, indicating investor panic. However, unrealized losses for most are around 4%.
🧵 3. Despite 80% of short-term holders at a loss, the magnitude of unrealized loss is only 4% of the market cap. Majority of Bitcoin holders still in profit.
🧵 4. Bitcoin trading at $60,438, up over 3%. On average, mining costs around $57,200, suggesting miners are still profitable. Miners facing challenges.
🧵 5. Analyst Checkmate suggests miners are barely profitable in the current environment, hoping for a rally. For HODLers, situation remains largely stable.
🧵 Read more at: https://dailyhodl.com/2024/08/20/80-of-short-term-bitcoin-holders-currently-underwater-on-positions-according-to-on-chain-analyst/