Avalanche(AVAX) Spills More Blood as 99.5% Holders Enter Losses

• Avalanche might make a lot of investors go broke. 
• New data shows that the number of investors in losses is more than 99%. 

The crypto market is down, and there’s no big sign of it coming back to itself. Maybe after the SEC approves the spot Bitcoin ETF. But until then, many cryptocurrencies, including Avalanche, are having a bad time in the market. 

Avalanche(AVAX) Holders in More than a 99.5% Loss 

• Market intelligence platform IntoTheBlock made a very important revelation about the current state of AVAX tokens. Apparently, some crypto investors purchased this token hoping to profit after holding it for a long time. 
• But it seems like the reverse is the case right now, as data shows more than 99% of those holding this token are currently in losses. In other words, if they sell now, they will not make a single profit. The number of AVAX holders in profit is at an all-time low. Investors that bought this token, hoping the price will increase, are in massive loss. This is due to the huge bearish market engulfing the crypto market. 
• Although not to this extent, many AVAX holders witnessed this kind of situation in the past. Where the token enters new lows, making holders to be in losses. 
• Ultimately, note that these assets aren’t losses yet. Yes, these investors are in losses, but it is not a reality yet. It only becomes a reality when they withdraw. Moreover, with the volatility of the cryptocurrency, the price might still increase to new highs if the investors should keep holding. 

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The number of $AVAX holders in profit has reached an all-time low. While the asset has witnessed similar levels before, such as in June & December of 2022, it is the first time that nearly all AVAX holders (99.5%) are holding at a loss. pic.twitter.com/pdH387qHqs

— IntoTheBlock (@intotheblock) August 22, 2023

Avalanche (AVAX) Price Decreases Massively 

Coinmarketcap 

• Avalanche had a steep decline in its price. Although it is making what seems to be a kind of recovery, it is still not enough. Apparently, the bears in the AVAX price charts are working overtime to ensure it pulls the altcoin down. Moreover, an overview of the daily, weekly, and monthly charts shows a bloodbath. 
• At the time of writing, Avalanche is hovering around the $10 range. However, there’s still a decrease in the price charts. It is down by close to 1% in the past 24 hours. It even gets worse moving to the weekly charts. The token is down by more than 12%, and it is still showing signs of going down. 
• Nevertheless, the climax of the price decrease lies in the monthly charts. Avalanche is down by a whopping 24% in the monthly charts. No wonder many of the holders are in massive losses. Relatively, the yearly charts aren’t doing well either. Apparently, it is down by more than 53%. Apparently, except for those who short the cryptocurrency, holders since the past year are making losses. 

Conclusion 

AVAX is one of the cryptocurrencies heavily affected by the current bearish trends in the market. Apparently, the bears in AVAX charts aren’t giving the cryptocurrency a break. However, the most prominent news was when a crypto insights brand said more than 99% of AVAX holders are in losses. 

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Featured image from Avalanche