• Bitcoin’s recent price drop led to increased supply in loss, with 2.71 million BTC affected.
• The press time MVRV showed an undervaluation of BTC, as the price slightly declined.

Following its surge to the $30,000 price range earlier this year, Bitcoin [BTC] experienced a subsequent decline that caused a portion of its supply to incur losses. A recently released report by Glassnode provided detailed insights into the number of BTC affected by this price drop and the corresponding percentage of loss incurred.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin supply in loss increases

On 11 April, the price of Bitcoin skyrocketed to the coveted $30,000 range and held steady for over a week. However, the value gradually declined, resting in the $26,000 range at press time. A recent chart released by Glassnode illustrated the consequences of this price drop, resulting in some BTC holders experiencing losses.

The significant downward movement of -14.6% from the local peak of $30,900 to the current price of approximately $26,400 has led to 2.71 million BTC being in an unfavorable position, equivalent to 14% of the circulating supply.

This has caused the total amount of BTC in a loss to rise from 3.96 million to 6.67 million BTC during this period, marking a substantia

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Author: Suzuki Shillsalot

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