If you’ve ever bought Bitcoin, then there is a 40% chance your investment is currently under water.

Key Summary:

• Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, in line with new data from Glassnode.
• Within the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, because the world’s most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower.
• Bitcoin’s close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge.

According to research from blockchain analytics firm Glassnode, only 60% of Bitcoin investments remained profitable when the cryptocurrency was priced at $33,600 per unit. The remaining 40% of investments sank below water. As Bitcoin's price has tanked even lower, now floating between $31,000 and $32,000, an even larger share of investments are in the red.

Glassnode says there has been “a high degree of urgency” associated with Bitcoin transactions this past week. The total value of transaction fees has shot above the high set during the last crypto crash in December.

But not everyone is selling.

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