Half of the Bitcoin addresses facing losses

Key points: 

• Just over 51 percent of Bitcoin addresses are priced below the purchase price of their investments. 
• About 45% are in the money, boasting unrealized gains, while the rest were roughly at the breakeven.
• According to Lucas Outumuro of IntoTheBlock, the bearish momentum looks overdone.
• In January 2019, the percentage of out-of-the-money addresses was 55%. Bitcoin bottomed near $3,200 around the same time and started a bull run three months later.
• At the depths of the 2015 bear market, the percentage of out-of-the-money addresses rose to 62%.

In January 2019, the percentage of out-of-the-money addresses was 55%. Bitcoin bottomed near $3,200 around the same time and started a bull run three months later.

At the depths of the 2015 bear market, the percentage of out-of-the-money addresses rose to 62%.

However, past data is no guarantee of future results, and the aftermath of FTX's recent crash could inflict more pain on the market.