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Bitcoin holders suffer the highest losses since October as BTC drops to $87,000
The on-chain data shows that the number of Bitcoin addresses lost has surged after the cryptocurrency dropped to $87,000. The Bitcoin market shocked as prices dropped by 7% in the past day Bitcoin has followed a downward trajectory this month, but it seems that the decline of this asset has accelerated in the past 24 hours as the price dropped more than 7%. Below is the chart showing the progression of the collapse of this currency:
From the chart, it can be seen that BTC has dropped below $87,000 during the sharp decline, but it seems to have slightly recovered to around $89,000 afterwards. Bitcoin is not the only currency experiencing this price drop, as the rest of the digital asset field has also declined during this period. In fact, most altcoins have had worse performance than BTC. According to data from CoinGlass, serious liquidation events have occurred in the derivatives side of the industry due to this industry-wide withdrawal. In total, liquidations have amounted to $1.5 billion in the past 24 hours.
More than 12% of BTC addresses are currently underwater In a recent post on X, the IntoTheBlock market information platform discussed the latest trends in the On-Chain Transaction History indicator. This index essentially informs us about the percentage breakdown of BTC addresses between profit, loss, and breakeven. The indicator operates by examining the transaction history of each address on the network to see the average price at which that address receives its funds. If this cost basis is higher than the current price, the data will place the address in the loss list, which the analysis company calls 'out of funds'. Similarly, holders of the opposite type fall into the profitable or 'profitable' group. Addresses with an average purchase price equal to the spot value of BTC can be considered break-even for their investment or 'profitable'. Below is the indicator chart shared by IntoTheBlock, which specifically shows the trend in the No Money section of Bitcoin users:
As shown in the chart above, the figures have risen along with the latest drop in BTC price, as a large number of addresses have fallen into a loss state. In total, over 12% of cryptocurrency holders are currently underwater, the highest level since October last year.