47% of Bitcoin owner’s gains from the Peak Bull run have now been wiped out
As Bitcoin attempts to recoup its losses following the recent FTX meltdown, data indicates that holders have nearly erased 47% of the gains made during the bull market and have suffered losses of $213 billion over the past 365 days.
Data from the data analysis at the chain Glassnode showed that 47% of the gains in the bull market have been erased as a result of the losses. The realized loss peak for the 2021-22 bear market to date is $213 billion, which is the current value of the statistic. This indicates that Bitcoin owners have locked in this staggering level of losses for the past 365 days.
According to Glassnode, these losses suggest that the gains seen in the entire bull market had a relative capital loss of almost 47%. These numbers for the previous cycle are also highlighted on the chart. It appears that $117 billion was the largest annual amount of realized profits recorded during the 2017-2018 bull market. Additionally, the loss realization peak in the related bear market in 2018-19 was noted and was estimated at around $56 billion.
The pump and dump game?
The whales also capitulate. The Santiment data published by bitcoin analyst Ali Martinez on Twitter indicated that approximately 33 whales with 1,000-100,000 BTC have left the network and have sold approximately 20,000 BTC in the previous 96 hours.
According to Wu Blockchain, Grayscale’s Bitcoin Trust product, GBTC, is currently selling at a record discount of 47.84%. The discount to the actual asset price shows strong negative investor sentiment. Genesis Trading, another subsidiary of Grayscale, is battling insolvency issues, creating uncertainty over Grayscale’s parent business, Digital Currency Group.
At the time of writing, Bitcoin has increased by more than two percent in the last 24 hours and is trading at around $17,226. The cryptocurrency’s value has fallen 18% in the past month.
