In the past month, 15.5% of all Bitcoin wallets slumped into an unrealised loss as the cryptocurrency dropped to the $31,000 level.
Glassnode analysts noted that this sudden flurry of “urgent transactions” amid the latest Bitcoin sell-off, which saw investors pay higher fees, indicates that they were willing to pay a premium to speed up transaction times. Over the last week, the total value of all on-chain transaction fees hit 3.07 Bitcoin. To date, this is the largest recorded in its dataset.
Glassnode’s report noted that “the dominance of on-chain transaction fees associated with exchange deposits also signalled urgency,” a point which further supports the argument that Bitcoin investors were seeking to de-risk, sell, or add collateral to their margin positions amid recent volatility for the market.
Over $3.15 billion in value moved into or out of exchanges during last week’s sell-off. This is the largest sum since the market reached its $69,000 peak in November 2021.