Bitcoin’s price crashed below $30K yesterday (on Binance) for the first time since July 2021. It reached a low of $29,730.
Data from the popular analytics resource, CryptoQuant reveals that 46.8% of Bitcoin’s supply is at a loss. This means that investors acquired it at a higher price.
Source: CryptoQuant
This happened as Bitcoin’s price plunged below $30K for the first time since July 2021 (on Binance).
Interestingly enough, the price also went below the average acquisition cost for MicroStrategy’s BTC, which, at the time of this writing, sits at $30,700 per coin.
The company spearheaded by Michael Saylor – one of Bitcoin’s most vocal proponents – has bought a total of 129,218 bitcoins at this price.
Data shows that this has happened a few times in the past, where most recently, it took place during the Covid-19 crash that happened in March 2020, and on all occasions, it represented good accumulation opportunities.
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