I just saw that Bitcoin has dropped below 74K, and that means more than half of BTC holders are now officially at a loss. Last week, the price was still around 88K, so for many people who bought above that, the cost basis is now significantly higher than the current value. That’s quite tough.

If you look at how many people bought around that 88K level back then, a large portion of them are now underwater. The cost basis for that group is therefore considerably above what Bitcoin is worth now. You always see this kind of pressure when the market experiences such a sharp dip.

Interesting to see how quickly this can turn around. A few weeks ago, everything still looked rosy, and now the majority are in the red. I wonder if this will go further down or if we’ll see a rebound soon.