From the Desk of Louis Sykes @haumicharts
There’s no denying the fact that it’s been a rough time being a crypto investor lately.
From our work, crypto market participants are closely approaching their maximum pain thresholds.
In real terms, losses realized on-chain reached their highest values going back to 2011. In nominal terms, Bitcoin holders realized the most amount of losses in USD terms in crypto’s entire history.
We’ve gone from 95% of all market participants holding unrealized profits to a measly 50% in the space of a few short quarters.
This is, by most measures, one of the most severe bear markets by loss realization, capital leaving the ecosystem, and contagion among even the largest and most sophisticated of players.
Despite this destruction of wealth, it’s important to be grateful for our losses.