According to on-chain report from Glassnode, a new all-time high of $4.53 billion in losses were booked on 19 May and $14.2 billion for the week. The bitcoin market has experienced a tremendous deleveraging, with prices falling nearly 50%, and on-chain entities taking historical losses. This sell-off has been so severe that it has raised the question in many minds as to whether the 2021 bull market remains in play. This means that 24% of all on-chain entities are currently holding UTXOs that are underwater. In a bull market context, this compares to three periods in 2011, 2013 and 2016.

Source: Mint May 25, 2021 06:56 UTC