Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode.
That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.
40% of #bitcoin investors are now underwater, according to a new report. @JoeSquawk @andrewrsorkin and @BeckyQuick discuss: pic.twitter.com/fuvyTbCtgT
— Squawk Box (@SquawkCNBC) May 10, 2022
And it’s not just the cryptos, the whole sector that’s sprung up around them is getting crushed, see Coinbase shares plunge almost 80% from November, amid a sell-off of cryptos and funds.
As mentioned in the CNBC segment, ARK Innovation ETF (in white below)-which was buying Bitcoin, Tesla and other innovators without concern for price or valuation, has now fallen more than 70% and given back all of its much-hyped “outperformance” as against the S&P 500 index (in blue). This was inevitable. More mean reversion is yet to come.
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