99.5% Of AVAX Holders In Loss, As Avalanche Bears Thirst For More Blood

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The Avalanche token (AVAX), like most different altcoins, felt the bearish influence of the overall market downturn, which resulted in a billion-dollar liquidation within the crypto market. Historic worth information, nonetheless, exhibits that AVAX has been experiencing promoting strain lengthy earlier than this current market crash.

As anticipated, the struggling worth of the Avalanche token has additionally been mirrored within the portfolio of the cryptocurrency’s traders, who appear to be drowning in losses for the time being.

AVAX Holders In Revenue Attain All-Time Low: IntoTheBlock

On Tuesday, August 22, market intelligence platform IntoTheBlock revealed – through a put up on X (previously Twitter) – that the variety of AVAX holders in revenue is at an all-time low.

Based on IntoTheBlock information, roughly 99.5% of AVAX holders are at a loss. This metric implies that just about all traders on this cryptocurrency purchased at a better worth and are presently holding at a loss as a result of sustained bearish pattern.

From a historic perspective, AVAX holders have witnessed related ranges of loss previously, albeit to not this extent. The on-chain tracker reported that the variety of AVAX holders in revenue was virtually as low in June and December 2022.

It’s price noting that these losses are unrealized, and so they solely turn into actual when the Avalanche tokens – being held – are traded off. Though a excessive variety of crypto holders in loss will not be precisely a constructive sign, it may be a sign that traders are but to lose religion in a token and should even be banking on a restoration.

Avalanche Value Dips 17% In A Single Week

As talked about earlier, the AVAX worth has been struggling lengthy earlier than the current market downturn, down by 52% from its yearly excessive of 21.37%. Sadly, the Avalanche market has been in a steep decline since notching a swing excessive in April.

Up to now week, which coincided with the $1-billion market liquidation, AVAX has misplaced greater than 17% of its worth. Moreover, a broader have a look at the market information exhibits that the token is on an almost 25% decline within the final 30 days.

The longer term doesn’t look significantly shiny for AVAX, particularly with its upcoming token unlock occasion. A complete of 9.54 million tokens is ready to be unlocked on August 26, with a big portion of the unlocked tokens anticipated to hit the open market, doubtlessly exacerbating the struggles of the Avalanche worth.

Based on CoinGecko information, AVAX is presently valued at $10.20, registering a 3.5% worth decline previously 24 hours. With a market cap of roughly $3.52 billion, the Avalanche token ranks because the Twenty second-largest cryptocurrency available in the market.