52% of Bitcoin Holders Now Losing Money vs 58% in March 2020

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The on-chain data of Bit­coin shows that 52% of total Bit­coin hold­ers are now los­ing mon­ey. What are the signs of a bottom?

Accord­ing to data from IntoThe­Block, 21.36 mil­lion Bit­coin (BTC) address­es are In the Mon­ey. Where­as 24.56 mil­lion address­es are Out of the Mon­ey and 1.93 mil­lion Bit­coin address­es are At the Money. 

In the Mon­ey are wal­lets with an aver­age pur­chase price of Bit­coin below the cur­rent price, which means the wal­lets are still mak­ing a prof­it. Over 44.65% of wal­lets are prof­itable. Where­as Out of the Mon­ey means that the aver­age pur­chase price of Bit­coin is above the cur­rent price, which means the wal­lets are at a loss now. 51.33% of wal­lets are mak­ing a loss on their Bit­coin holding

4.03% of wal­lets are At the Mon­ey, mean­ing BTC’s price is just near their pur­chas­ing price. They are at a break-even point. The price of Bit­coin is over $16,100 as of writing

Source: IntoThe­Block

What portion of the Bitcoin HODLers were at a loss during bottoms?

Dur­ing the recent Mar. 2020 bot­tom, over 58% of wal­lets were mak­ing losses. 

bitcoin holders
Source: IntoThe­Block

Where­as dur­ing 2018 bot­tom over 55% of wal­lets were in loss. In 2014 bot­tom more than 65% of the BTC wal­lets were Out of the Mon­ey. Accord­ing to his­tor­i­cal data, the bot­tom gen­er­al­ly falls when more than 50% of BTC wal­lets are mak­ing losses.

Is BTC in for a bottom?

If the Covid crash of Mar. 2020 is tak­en as an excep­tion, the per­cent­age of wal­lets mak­ing loss­es dur­ing every bear mar­ket has decreased. The per­cent­age may also be decreas­ing because the total num­ber of Bit­coin wal­lets with bal­ance (green line) is in a steady rise since the incep­tion of Bitcoin.

Dur­ing the 2014 bot­tom, over 400k wal­lets were Out of the Mon­ey, where­as as of writ­ing, in 2022, over 24 mil­lion wal­lets are Out of the Money.

BTC total addresses
Source: IntoThe­Block

Also, the mar­ket crashed by over 85% in the 2013 crash and around 80% in the 2017 crash. The mar­ket has already crashed by over 77% since Nov. 2021. The trend indi­cates that the bear mar­kets are get­ting short­er over time. Does that mean that the mar­ket is in for a bot­tom any­time soon?

Got some­thing to say about this on-chain analy­sis or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.


All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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