Despite losses in 2022, bitcoin savers reach maximum accumulated BTC

Basic facts:
  • Long-term savers have 13.9 million BTC in their hands.

  • In November, these savers registered between 50% and 80% of total losses.

At the end of 2022, the bitcoin bear market intensified due to the collapse of the FTX exchange, marking three years in the red in the history of the first cryptocurrency. In Glassnode’s latest report, The Week on Chain, the company reports $213 billion. USD accumulated losses from 2021 in November

Message emphasizes that the bubble of excess liquidity in the free monetary policy era in 2020-2021 set an annual record for total profits for bitcoin traders.

As seen in the chart below, bitcoin investors made more than $455 billion in annual profits (the area shaded in green), and the record was reached shortly after BTC’s all-time high in 2021. in November.

Annual bitcoin profit and loss. Source: Glassnode.

Since then, it has dominated a bear market regime in which the price of bitcoin fell by 74%. about 213,000 million was accumulated. USD of realized lossesthe report states.


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“This corresponds to 46.8% of the profit from 2020-2021. era of bulls. In relative terms, this is very similar to 2018. recession, with losses reaching 47.9% from an all-time high in 2017-18,” the study noted.

The study highlights contribution of long-term savings (LTH) in this context of heavy losses. “During this cycle, long-term savers have recorded the two largest jumps in relative losses in history. During November, losses for long-term holders peaked at -0.10% of daily market capitalization, which is only comparable in magnitude to 2015 and 2018. cycles low,” notes Glassnode.

Last June and June sales were just as famous, -0.09% of the total daily market capitalization, the study confirms. “LTH was strongly dominated, with losses ranging from -50% to -80%.

Bitcoin savers start hoarding again

Despite these historic losses, LTH was able to withstand the extreme fear sentiment in the market caused by the collapse of FTXthe report said.

As shown in the chart below, LTH available supply has risen to a new all-time high of 13.908 million in recent weeks. BTC. This figure represents 72.3% of the currency in circulation..

Bitcoin supply in the hands of long-term savers from 2020 month of January. Source: Glassnode.

Since July of this year, the supply of bitcoin has grown linearly to nearly 700,000 BTC, a boom that was interrupted by the FTX bankruptcy. After a modest decline in BTC LTH’s hands, these savers started buying again until they reached an all-time high of 13,908 million. BTC.


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