New demand for block space is re-entering the market.Bitcoin [BTC]As the king coin bounced from the range lows of $16,065 to a high of $17,197 to begin recovery, on-chain analytics platform Glassnode2023-2024Glassnode first considered the quantum of losses incurred by the various cohorts of holders that make up the BTC market. An assessment of BTC’s Realized Profit and Loss metric revealed that the FTX debacle led BTC to record a single-day loss of $4.435 billion, an all-time high.
Following FTX’s fallout, BTC’s Realized Capitalization fell to May 2021 levels causing “the exuberance experienced during the H2 2022 rally to the ATH” to near the point of full retracement. This, according to Glassnode, suggested “a near complete detox of this excess liquidity.”“The realized loss experienced by Bitcoin investors across the past 6 months has been historic in magnitude.
As BTC rebounded from its two-year low, Glassnode found that BTC’s “monthly miner revenue fees are beginning to pick up.” It, however, added a caveat that
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