- Bitcoin (BTC) is recovering from a “black swan” event last rivaled by the March 2020 COVID-19 crash, data suggests.
- In one of its Quicktake posts on Sep. 7, on-chain analytics platform CryptoQuant revealed a major spike in loss-making unspent transaction outputs (UTXOs).
- Currently, more of these are in loss compared to their original acquisition price than at any time since March 2020.
- Considering the current data from UTXOs in Loss, CryptoQuant contributor Woominkyu ventured that, like March 2020, Bitcoin may be seeing, or already bouncing back from, a curveball selling event.
- In percentage terms, 38% of UTXOs were in loss at the end of August, a figure last seen in April 2020.
- Bitcoin meanwhile remains locked in a tight range amid a lack of overall BTC price trend.
- With neither a breakout nor breakdown willing to complete, cost basis data likewise shows current spot price caught between the acquisition prices of various investor cohorts.
- This “Realized Price” — the price at which the supply last moved, divided by age group — shows that short-term holders fall into aggregate loss when BTC/USD is below around $27,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
