The data shows that almost 47% of the Bitcoin supply is at a loss – a historically good time for accumulation.
Bitcoin price fell below $30k today (on Binance) for the first time since July 2021. BTC hit as low as $29,730.
Data from CryptoQuant reveals that 46.8% of the Bitcoin supply is at a loss.
Interestingly, the price is also lower than MicroStrategy’s BTC purchase price, at $30,700 per BTC coin.
To date, the company MicroStrategy has purchased a total of 129,218 bitcoins.
The data shows that this has happened a few times in the past, most recently during the Covid-19 crash that occurred in March 2020 and this signals a good accumulation opportunity.