{"id":536640,"date":"2023-06-06T21:00:32","date_gmt":"2023-06-06T21:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=536640"},"modified":"2024-06-11T08:06:28","modified_gmt":"2024-06-11T08:06:28","slug":"bitcoin-crash-to-25700-sends-6-5-supply-loss","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-crash-to-25700-sends-6-5-supply-loss\/","title":{"rendered":"Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss"},"content":{"rendered":"

On-chain data shows yesterday’s Bitcoin crash from $27,300 to $25,800 alone sent 6.5% of the supply into a state of loss.<\/p>\n

Bitcoin Supply In Profit Shrunk Down To 62.5% Following The Price Plunge<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, a further 1.26 million coins were lost after the latest price plummet. The relevant indicator is the “percent supply in profit<\/a>,” which measures the percentage of the total circulating Bitcoin supply currently being held at a profit.<\/p>\n

The metric calculates this value by going through the on-chain history of all the coins on the network to see what price they were last moved at. If the previous selling price for any coin was less than the current spot value of the asset, then that specific coin is counted inside the profit supply.<\/p>\n

The counterpart indicator for the percent supply in profit is the “percent supply in loss<\/a>,” which naturally tracks the loss of supply. This metric’s value can be found by subtracting the percent supply in profit from 100.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin percent supply in profit over the last couple of days:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have observed some decline recently | Source: Glassnode on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin percent supply in profit saw a massive plunge as the crash in the cryptocurrency from the $27,300 mark to the $25,800 level took place.<\/p>\n
The impetus behind this price plunge was the US Securities and Exchange Commission (SEC) suing the cryptocurrency exchange Binance and its CEO<\/a>, Changpeng Zhao, over alleged fraud.<\/p>\n
Though even though the price saw a 5.8% plunge during this crash, the percentage of the total circulating Bitcoin supply that was sent into a state of loss measured to around 6.5%.<\/p>\n
Related Reading: Dogecoin Plunges 7% As Whales Make Large Moves<\/a><\/div>\n
The analytics firm also explained the reason behind this discrepancy; the price range that the asset had previously been trading in was host to many investors’ cost basis (that is, the acquisition\/buying price).<\/p>\n
\"Bitcoin<\/p>\n
Looks like the prices that BTC had been trading at before were the center of the largest demand profile | Source: Glassnode on Twitter<\/a><\/pre>\n
Since a relatively high percentage of the supply had been bought at those levels, it makes sense that a sharp price move below it would send a significant number of coins into a loss.<\/p>\n
When Bitcoin had been trading around the $25,800 level, the percent supply in profit had dropped to just 62.5%, while preceding the crash, the indicator had a value of about 69%. This would imply that 37.5% of the supply had been lost after the plunge.<\/p>\n
Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations<\/a><\/div>\n
Since Glassnode posted the chart, however, the cryptocurrency has recovered, pushing back above the $26,000 level. Naturally, this means that some coins would have returned to a profit state.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,100, down 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has sharply risen during the last few hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows yesterday’s Bitcoin crash from $27,300 to $25,800 alone sent 6.5% of the supply into a state of loss. Bitcoin Supply In Profit Shrunk Down To 62.5% Following The Price Plunge According to data from the on-chain analytics firm Glassnode, a further 1.26 million coins were lost after the latest price plummet. The relevant indicator is the “percent supply in profit,” which measures the percentage of the total circulating Bitcoin supply currently being held at a profit. The metric calculates this value by going through the on-chain history of all the coins on the network to see what price they were last moved at. If the previous selling price for any coin was less than the current spot value of the asset, then that specific coin is counted inside the profit supply. The counterpart indicator for the percent supply in profit is the “percent supply in loss,” which naturally tracks the loss of supply. This metric’s value can be found by subtracting the percent supply in profit from 100. Now, here is a chart that shows the trend in the Bitcoin percent supply in profit over the last couple of days: The value of the metric seems to have observed some decline recently | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin percent supply in profit saw a massive plunge as the crash in the cryptocurrency from the $27,300 mark to the $25,800 level took place. The impetus behind this price plunge was the US Securities and Exchange Commission (SEC) suing the cryptocurrency exchange Binance and its CEO, Changpeng Zhao, over alleged fraud. Though even though the price saw a 5.8% plunge during this crash, the percentage of the total circulating Bitcoin supply that was sent into a state of loss measured to around 6.5%. Related Reading: Dogecoin Plunges 7% As Whales Make Large Moves The analytics firm also explained the reason behind this discrepancy; the price range that the asset had previously been trading in was host to many investors’ cost basis (that is, the acquisition\/buying price). Looks like the prices that BTC had been trading at before were the center of the largest demand profile | Source: Glassnode on Twitter Since a relatively high percentage of the supply had been bought at those levels, it makes sense that a sharp price move below it would send a significant number of coins into a loss. When Bitcoin had been trading around the $25,800 level, the percent supply in profit had dropped to just 62.5%, while preceding the crash, the indicator had a value of about 69%. This would imply that 37.5% of the supply had been lost after the plunge. Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations Since Glassnode posted the chart, however, the cryptocurrency has recovered, pushing back above the $26,000 level. Naturally, this means that some coins would have returned to a profit state. BTC Price At the time of writing, Bitcoin is trading around $26,100, down 4% in the last week. BTC has sharply risen during the last few hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":536713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,506,86685,1119,1144],"class_list":["post-536640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-loss","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss<\/title>\n<meta name=\"description\" content=\"On-chain data shows yesterday's Bitcoin crash from $27,300 to $25,800 alone sent 6.5% of the supply into a state of loss.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss","url":"http:\/\/uniquehot.com\/news\/bitcoin-crash-to-25700-sends-6-5-supply-loss\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-crash-to-25700-sends-6-5-supply-loss\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin crash","bitcoin loss","btc","btcusd"],"dateCreated":"2023-06-06T21:00:32Z","datePublished":"2023-06-06T21:00:32Z","dateModified":"2024-06-11T08:06:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-crash-to-25700-sends-6-5-supply-loss\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-crash-to-25700-sends-6-5-supply-loss\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin crash\",\"bitcoin loss\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-06T21:00:32Z\",\"datePublished\":\"2023-06-06T21:00:32Z\",\"dateModified\":\"2024-06-11T08:06:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536640"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=536640"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/536713"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=536640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=536640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=536640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}