Bitcoin, the largest cryptocurrency in terms of market capitalization has fallen by about 80 percent in a year. This indicates that big investors of Bitcoin are suffering heavy losses due to the decline in the market. At the same time, many big whale accounts are also rapidly distancing themselves from Bitcoin.
Data from analytics firm Glassnode shows that the number of wallets with bitcoin amounting to $1 million or more is slightly over 23,000. Experts say that this could be a sign of a significant decline in this cryptocurrency. At the end of the previous round of bullish, bitcoin’s price was $ 19,666. After this, it fell to about $ 13,880 at the end of December 2017. Recently, famous trader Peter Brandt said that Bitcoin can fall to zero. Due to the bankruptcy of crypto exchange FTX, the credibility of this cryptocurrency has suffered a major loss.
Glassnode has reported that in the last week of last month, the number of wallets holding more than $ 1 million in Bitcoin was about 23,240. In November last year, Bitcoin touched a high of about $ 69,000, and then the number of these wallets was 1,13,898. With bitcoin’s price falling this year, the number of these wallets is also decreasing because their owners want to reduce losses by selling cryptocurrencies.
A study has revealed that about three-quarters of people who buy Bitcoin have suffered losses. This information has been obtained from the study of data from cryptocurrency investors from about 95 countries in the last seven years by economists of the Bank of International Settlements. It has been reported in this study that about three-quarters of the people investing in Bitcoin are estimated to suffer losses. In this period, the price of Bitcoin rose from about $ 250 to a high of about $ 69,000 in November last year.
The number of people buying and selling cryptocurrencies through apps increased from 1.19 lakh to about 3.25 crore in this period. “Our analysis suggests that the increase in bitcoin price is linked to an increase in the number of retail investors,” the researchers wrote. “