Most public $BTC treasuries are underwater.
Price is below their aggregate cost basis, and the share of companies sitting at a loss has climbed back toward around 80%
glassnode
@glassnode
- Strong hands are buying $BTC. Bottoms are formed when profit taking slows and conviction buyers step in. This setup looks similar to what we saw during 2022. The largest increase in BTC held by conviction buyers occurred when BTC dropped to $60k in January.
- $BTC has held Defensive for two weeks, 30/100 on the Glassnode Market Compass. Macro did the lifting, +24 on the month. Valuation stays at the cycle's discounted end, 16/100. Cheap and improving. The missing leg is flows, light at 30. Read it daily: studio.glassnode.com/market-compass
- $BTC is underperforming the S&P 500 on 2 out of 3 trading days. However, when BTC does outperform, the excess returns (green) are significantly larger. Also noteworthy is that these excess returns have been slowly degrading over the years.Replying to @glassnodeIn fact, BTC only outperformed the S&P500 on around one third of trading days over the last 3 months. This is the longest underperformance streak we've seen over the last 6 years of history. The question now is whether this is the start of a trend or just one of those 3 days.
- $BTC outperformed the stock market today. This has become a less common occurrence lately. 1/2
