New data revealed just how much agony average Bitcoin hodlers were experiencing following the worst monthly losses since 2011.
On July 3, the weekly moving average number of unique BTC addresses now at a loss reached a new all-time high of 18.8 million, according to on-chain monitoring firm Glassnode.
Bitcoin hodlers on a roller coaster ride
TradingView data tracked BTC/USD as it held firm at $19,000 for the third day in a row. The pair had been quite volatile over the weekend, but it was still on course for the first weekly closing below its prior halving cycle’s all-time high since December 2020 at the time of writing.
During the previous weekend’s trading, a late rally prevented bulls from closing below $20,000.
However, momentum remained weak throughout the Wall Street trading the next week, and traders were skeptical about the likelihood of a major relief rebound.
Commentators were closely monitoring incoming volatility as the weekly close approached, whether it was going up or down. The Bollinger bands indicator, according to analyst Matthew Hyland, was indicating that the market environment would soon become more unstable.
#Bitcoin Bollinger Bands tightening on the daily time frame as displayed on the width indicator: pic.twitter.com/c0bqmMfdSi
— Matthew Hyland (@MatthewHyland_) July 3, 2022
On daily timescales, the BTC/USD pair threatened to dip below the bottom Bollinger band as an indicator of volatility akin to what happened in May.
Underwater addresses surpass peak in March 2020
Previously, 60% of the supply was required to see unrealized losses.
“Almost $40 Billion in Bitcoin Net Realized Losses since May 1st,” analytics account On-Chain College summarized as June came to a close.
Almost $40 Billion in #Bitcoin Net Realized Losses since May 1st.
Some have quit, some have stuck around. One thing is for sure- if you've been in this space over the last year and you're still here, you've been through quite a lot of volatility. pic.twitter.com/0PB2WdvpWs
— On-Chain College (@OnChainCollege) June 29, 2022