BTC miners and holders have this is common, and no, it’s not worth celebrating

ambcrypto.com:

The cryptocurrency market, for what seems like an eternity, has been in a bear market, with prices consistently hitting new lows. Even Bitcoin [BTC], which controls a majority of the cryptocurrency market, has been affected, and it appears that long-term BTC holders are bearing the brunt. 

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Here’s AMBCrypto’s Price Prediction for Bitcoin (BTC) for 2022-23

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As per statistics from data intelligence platform Glassnode short-term holders of BTC have fared better than long-term holders. Glassnode has also noticed an increase in network difficulty, which has made it harder to mine BTC.

This means that buyers of $BTC over the last 5-months have a superior cost basis to those who HODLed through all the volatility of the 2020-22 cycle.https://t.co/xEXy44cTj3 pic.twitter.com/FZOfWvwOKn

— glassnode (@glassnode) October 10, 2022

The price of BTC witnessed a steady drop, as evidenced by the chart. Price range analysis revealed a decline of almost 60% in value for the asset between April and September 2022. After peaking in the $45,000–$48,000 range in April, it dropped to the $18,000–$19,000 range where it stood at press time. 

Source: TradingView

With a current mark of -40.47% on the 365-day Market Value to Realized Value (MVRV) indicator, it was clear that long-term BTC holders were not profitable as of 11 October. This score also implied that investors who decided to cash out at that time would have lost upwards of 40%.

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