According to new data, 40% of holders are underwater on their investments, and the price of the digital currency is off more than 45% from its November peak.
The percentage is even higher when you consider the holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.
In the last month alone, 15.5% of all bitcoin wallet fell into an unrealized loss, as the world's most popular currency plunged to the $31,000 level, tracking tech stocks lower. The argument that the coin functions as an inflation hedge is challenged by the close correlation to the Nasdaq.
There was an influx of urgent transactions, in which investors paid higher fees in order to expedite transaction times, as a result of this latest sell-off.
According to the report, most wallet cohorts have softened in their on-chain accumulation trends.
Over the last few weeks, there has been a significant force in the wallets with more than 10,000 bitcoins.
The data shows that those holding less than 1 bitcoins are the strongest accumulators, but the amount of money they accumulate is less than it was in February and March.
Fundstrat Global Advisors is calling a bottom of around $29,000 a coin, and is now advising clients to buy put protection on long positions.
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