Bitcoin Undergoes Huge Pressure Amid Wider Market Downtrend and Large Unrealized Losses
The ongoing crypto downturn has led to noteworthy pressure on Bitcoin ($BTC) and other top crypto assets. Thus, the top names like Strategy, Metaplanet, Evernorth, and Bitmine have gone through notable unrealized losses in $BTC, $XRP, and $ETH. As per the data from the on-chain analytics company CryptoQuant, this decline has significantly impacted the large Bitcoin and altcoin positions. Thus, these developments highlight current crypto volatility and massive risk exposure.
Ongoing Crypto Decline Results in Massive Unrealized Losses in Bitcoin
The market data discloses that the firms holding crypto assets in their respective balance sheets are experiencing sheer paper losses after the broader market wipeout of October 10. Particularly, Bitcoin ($BTC) is witnessing significant pressure across prominent crypto treasuries. Hence, Strategy Inc.’s stock has witnessed a 53% dip while now trading at almost $221, near $MSTR’s lower price band. The development is correlated with the $BTC holdings of the firm, suggesting the impact of the ongoing market trend of Bitcoin.
In the meantime, Metaplanet, which possesses up to 30.8 $BTC bought at $106,00 as the average price, has incurred an unrealized loss reaching $120M. Additionally, the stock thereof has slumped by a shocking 80% from its ATH. This underscores the continuous crypto volatility and its heavy influence on the digital asset companies.
Market Slump Extends to $ETH and $XRP
According to CryptoQuant, the effect of the crypto market drop has gone beyond $BTC, targeting key assets like $XRP and $ETH. In this respect, Evernorth, which started accumulating 388.7M $XRP (equaling $947M) a few weeks back, has recorded $79M in unrealized loss. Moreover, Bitmine, which has added 442,000 $ETH October’s early days, has gone through an unrealized loss of approximately $2.1B. Overall, whether these treasury entities can withstand a continuous bearish market remains to be seen.
You May Also Like
CME Group to Launch Solana and XRP Futures Options
XCN Rallies 116% — Can Price Hold as New Holders Gain?
