Glassnode: 9.3 Million Bitcoin Underwater as Price Falls to $67.4K
Bitcoin holders are experiencing significant unrealized losses as over 9.3 million coins are underwater, the highest since January 2023, according to Glassnode.
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Fact Check
The assessment is 'likely_true' with high confidence based on strong, consistent evidence from multiple sources. Two independent, highly relevant sources with good authority directly corroborate the statement. The TradingView/Invezz article explicitly states, 'At $67,400, more than 9.3 million bitcoins are underwater,' and attributes this data to Glassnode. Similarly, the CryptoNewsz article confirms that when Bitcoin was 'around $67,400, over 9.3 million BTC were trading below their purchase price,' and also attributes this finding to Glassnode. The remaining sources are either thematically related but lack the specific data points, or are entirely irrelevant, and none of them contradict the claim. The consistency between the two primary supporting sources provides a strong basis for the statement's truthfulness.
Summary
Glassnode reports that over 9.3 million Bitcoin are underwater at a price of $67,400, marking the highest level of unrealized losses since January 2023. The data highlights increasing pressure on market participants who bought Bitcoin at higher prices, influencing market sentiment.
Terms & Concepts
- Underwater Bitcoin: Refers to Bitcoin holdings currently valued below their purchase or realized price.
- Glassnode: A blockchain analytics company that provides on-chain data and metrics for cryptocurrencies.
- Unrealized Loss: A loss on paper when the current market price of an asset is lower than its purchase price, but the position has not been sold.