Current Events > 40% of bitcoin investors are now bagholders.

(+) Yeah! (+)

https://www.cnbc.com/2022/05/09/40percent-of-bitcoin-investors-underwater-glassnode-data.html

Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode. That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000. In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the worlds most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower. Bitcoins close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge. Analysts from Glassnode also noted an influx of urgent transactions amid this latest sell-off, in which investors paid higher fees, indicating they were willing to pay a premium, in order to expedite transaction times. Most wallet cohorts, from shrimp to whales, have softened in their on-chain accumulation trends, according to the report, referring to both small-scale and large-scale investors. Wallets with balances of more than 10,000 bitcoin have been a particularly significant distributive force over the last few weeks. And while there is more conviction among retail investors data shows that those holding less than 1 bitcoin are the strongest accumulators the accumulation among these smaller-scale holders is notably weaker than it was in February and March. Fundstrat Global Advisors is calling a bottom of around $29,000 a coin, and the firm is now advising clients buy one-to-three month put protection on long positions.

I am shocked

Uh no shit. It's a greater fool scheme for a fucking reason

Early adopters: now is the PERFECT time to buy!!

Dogecoin taking a dive woof

Good.

It would be funny AF if all these crypto markets crash to literally 0$ and they lost everything.

Literally losing my ass here, but if you believe in the technology now is the time to buy

Returning_CEmen posted...

Literally losing my ass here, but if you believe in the technology now is the time to buy

but nobody uses the technology

Flauros posted...

It would be funny AF if all these crypto markets crash to literally 0$ and they lost everything.

It would be a very 'The curse has been lifted and the scum have been vanquished' moment. I would laugh more out of happiness than amusement.

Poor El Salvador

Who would have thought that assigning real value to pretend money might not turn out well.

It was always a long term hold, people daytrading crypto are ridiculous.

I for one am totally shocked.

If you compare that to some major stocks its not even that bad right now. But keep shitting on crypto because you are mad that other people are into something you dont like.

Im still up more than 100%. Still buying.

Any data on PLTR and memestock bagholders? GME?

most crypto-only investors lack financial literacy. not only do they have little concept of risk, they don't know that it's quantifiable and that BTCs is very high

Sexypwnstar posted...

Any data on PLTR and memestock bagholders? GME?

Its not even just the meme stocks. Netflix is down 70%, FB and Amazon like 40%.

Im not some crypto pusher (its pretty dumb as an idea, and a waste of resources in general), but if that firm is correct and it bottoms out at $29k, thats nothing to bat an eye at from an investment perspective. It dipped to like $28k last summer at one point. Bottom line is if youre a long-term holder for whatever reason, you dont have much to worry about, and if youre a day-trader or speculative investor trying to get rich quick by timing extremely volatile markets correctly then youre a rube and you deserve to go underwater anyways.

I don't like this bag, I want my $15k back =(