Almost 47% of Bitcoin’s Supply at a Loss as BTC Price Crashed Below $30K

Bitcoin’s price crashed below $30K yesterday (on Binance) for the first time since July 2021. It reached a low of $29,730.

• Data from the popular analytics resource, CryptoQuant reveals that 46.8% of Bitcoin’s supply is at a loss. This means that investors acquired it at a higher price.

Source: CryptoQuant

• This happened as Bitcoin’s price plunged below $30K for the first time since July 2021 (on Binance).
• Interestingly enough, the price also went below the average acquisition cost for MicroStrategy’s BTC, which, at the time of this writing, sits at $30,700 per coin.
• The company spearheaded by Michael Saylor – one of Bitcoin’s most vocal proponents – has bought a total of 129,218 bitcoins at this price.
• Data shows that this has happened a few times in the past, where most recently, it took place during the Covid-19 crash that happened in March 2020, and on all occasions, it represented good accumulation opportunities.

Source: CryptoQuant