Business intelligence firm Glassnode rates a trio of crypto assets as markets look to end the week on a high note.
In its latest analysis, Glassnode said nearly half of Bitcoin (BTC) located in non-exchange wallets sits on unrealized losses.
According to Glassnode, almost 60% of these owners are considered long-term holders, reflecting the last two sellout events.
“The proportion of Bitcoin supply in loss reached 48.1% of all coins held outside exchanges.
Among these losing BTCs, nearly 60% of them are held by long-term holders (28.6% of the total).
Both metrics are at levels similar to the November-December 2018 and March 2020 capitulation phases.”
Bitcoin is rallying today, up 5.19% in the past 24 hours, trading at $21,705.
Switch to Ethereum (ETH), the analytics company observed the vast majority of ETH 2.0 bettors are in the red because ETH has crashed over 75% since November 2021 and staked tokens will remain locked until the next Shanghai hard fork is complete.
“Ethereum 2.0 players deposited over 12.98 million ETH, 62% of which was paid out before November [all-time high].
However, with ETH prices collapsing by more than 78% and coins not being able to be withdrawn, only 17% of staked ETH is now profitable.
Ethereum is changing hands for $1,221 at the time of writing.
“Over the past two years, Tether’s dominance has been in macro decline.
USDT has fallen from 88.3% of the stablecoin market to 45.2% today, now less than half of the market.
USDC dominance increased by 4.2x, BUSD by 7.5x and DAI by 3.9x over the same 2-year period.
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