05.02.2022 Anton Varanov

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#Ethernet (ETH) #analysis #bitcoin

The value of the aSOPR (7MA) indicator was below 1 throughout January against the backdrop of the market decline, which indicates a significant deterioration in market sentiment and investors compensating for their losses. This is explained in the ForkLog analysis.

1-619-1024x576.png.webp Dynamics of aSOPR metrics. Data: Glassnode.

On January 21, the net realized loss for investors reached $2.5 billion. Comparable values were last observed in May 2021 and June 2021.

2-514-1024x438.png.webp Net realized losses for bitcoin investors. Data: Glassnode.

At the end of January, the assets of short-term investors accounted for more than 18% of the total bitcoin supply. More than 90% of the coins are "unprofitable" for owners – they were purchased at a higher price.

Long-term investors' assets have accounted for more than 80% of the total bitcoin supply – a metric that is near multi-year highs. Meanwhile, only 6% of tokens are "unprofitable" for their owners.

3-1024x576.jpeg.webp Share of short-term and long-term investors as a percentage of total bitcoin supply. Data: Glassnode.

Since the activation of EIP-1559 in August 2021, the ethereum blockchain has burned more than 1.72 million coins. In January, the protocol withdrew more than 392,000 ETH from circulation. On the 10th, the network updated the historical maximum of this indicator (19,424.89 ETH). The destruction rate is correlated with the asset price.

4-194-1024x538.png.webp Daily dynamics of the amount of ETH destroyed. Data: Etherscan.

In January, operations related to the OpenSea NFT marketplace accounted for the largest number of "destroyed" coins (65,697 ETH). The reason for this is the increase in the volume of transactions on the platform.

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