On-chain data shows that a majority of the USD capital invested in Bitcoin has dipped into losses following the latest market crash.
Now, here is the chart shared by Checkmate that shows how the Bitcoin Realized Cap is distributed across the various price levels:
As displayed in the above graph, the majority of the Realized Cap has a break-even level higher than $100,000. This suggests that most of the capital stored in the cryptocurrency today came in after the bull run in late 2024.
The total unrealized loss held by the Bitcoin investors stands at $20 billion at the moment, which is equivalent to just 3% of the market cap.
For comparison, dips during the last couple of years have seen losses reach 7% to 8% of the market cap, while past major bear markets have usually started with this metric at more than 10%. Checkmate has highlighted a level past which unrealized losses could blow up for Bitcoin: $95,000. Currently, 63% of the capital invested in the asset has a cost basis higher than this mark.
“$95k is what I believe is the bulls last stand, because as price falls below that level, unrealised losses will swell significantly,” explained the analyst. It now remains to be seen how the profit-loss distribution among the Bitcoin investors will change in the coming days.
Bitcoin saw a drop toward $98,000 on Tuesday, but its price has since witnessed a small bounce back to the $101,900 mark.
