The crypto market has been rife with instability in recent weeks, resulting in assets losing and gaining significant value.
The leader of cryptos, Bitcoin, has not been forgotten, since the digital asset currently experienced a spectacular drop.
Notwithstanding the market upheaval, according to a recent survey from on-chain research firm Glassnode, roughly 75% of Bitcoin wallets are still holding on to their winnings in the wallet.
Glassnode investigated the number of wallets that are still preferring to keep their gains, according to the recent edition of its weekly report.
According to its findings, around 70% of wallets and above were still profitable. According to the organization, this figure is in the upper half when compared to the precise figure seen during the bear market of 2018.
Although, according to Glassnode, the current bear market is little in comparison to the worst that the market has witnessed in recent years.
Only roughly 25% of investors are losing money, according to the business, making this bear market one of the most equitable.
The market is currently decreasing, Glassnode noted, and a continued slump could result in additional wallets with unrealized gains losing their winnings.
Glassnode noted in the analysis that long-term Bitcoin owners are unlikely to be harmed by a sharp market collapse.
Long-term investors are those who have owned the digital asset for more than 155 days. Short-term bitcoin owners account for 7.88 percent of all bitcoin holders, while long-term holders account for 67.5 percent.
Bitcoin is currently trading slightly above $40,000, up from under $40,000 just a few hours ago. In the last 24 hours, the digital asset has lost 4.05 percent of its value.
Traders and observers are braced for trade around the $30,000 range after the asset flirted with the bears over the last week.
Other on-chain data, on the other hand, suggest that the asset could flip, resulting in a large price of $50,000.
Glassnode further stated that the Bitcoin network’s dominant rate is at 58 percent, a figure that has been constant since December 2021.
Lastly, the business speculates that the price war may indicate that some traders are making gains while others approach investing with a child’s fingers.
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