.MorganStanley says almost one year into the bitcoin bear market most investors who bought the cryptocurrency in 2021 are facing heavy losses and appear to be waiting for any rallies to close their positions. By willcanny99.
Nearly a year into the “bitcoin bear market,” most investors who bought the cryptocurrency in 2021 are facing heavy losses and look to be waiting for rallies to close their positions, Morgan Stanley said in a research report Thursday.since late 2020, despite heightened volatility in other financial markets. This stability “suggests some traders are buying dips below $18,500 to prevent BTC falling materially below its 2017 prior cycle high,” the report said.
A record 78% of bitcoin has not been used in transactions in the last six months, and the level is increasing, according to the report. That implies investors who bought or received bitcoin longer than six months ago are holding on to their positions, with some likely waiting for a recovery in price, analyst Sheena Shah wrote.
Estimates suggest that for the remaining 22% of bitcoin held by shorter-term investors, the average breakeven price is slightly over $22,300, the note said.
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