• March 4, 2024

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Glassnode: Bitcoin’s Fall Below $20,000 Has Triggered a Capitulation

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According to Glassnode analysts, the fall in the price of Bitcoin below $20,000 triggered a new wave of deleveraging and liquidations that affected miners and long-term investors.

The past capitulation was the second in a row after the collapse of the Terra ecosystem. Daily realized losses jumped to a record $2.4 billion for a three-day cumulative figure of $7.325 billion.

The continuation of the bear market has led to a reduction in the profitability of the coins held. In this status, 49% of the issued bitcoins remained, among hodlers – almost two-thirds. In the past, the end of the crypto winter occurred after this figure dropped to 40-45% in the first case and to 49-56% in the second.

Based on the UTXO metric, 26.7% of coins turned out to be “unprofitable”. Previously, the bottom was reached when this value increased to 50-81%.