Bitcoin speculators suffered losses of over $100 million in just six weeks thanks to panic selling, new research calculated.
Data from onchain analytics platform CryptoQuant revealed the extent of recent capitulation by short-term holders (STHs).
Bitcoin speculators run to the exit “in the red”
Bitcoin (BTC) entities hodling coins between one and three months bore the brunt of a brutal bull market drawdown, and many did not stay the course.
CryptoQuant suggested that this section of the overall STH investor cohort, defined as those buying up to six months ago, is around $100 million out of pocket.
“This represents a significant reduction in the value of Bitcoin held by this cohort, who are now underwater as many bought at higher prices and are exiting with losses,” contributor Onchained wrote in one of its “Quicktake” blog posts on March 13.
Onchained referenced the market cap and realized