Bitcoin Treasuries Plummet: 80% of Public Reserves Underwater
The price of Bitcoin (BTC-USD) has plummeted by roughly 50% since its all-time highs last year, leaving many public treasuries underwater.
According to a recent Glassnode analysis, 80% of these treasuries are currently facing significant losses due to the decline in value.
This trend is affecting various companies that hold Bitcoin as part of their treasury reserves. The current spot price of BTC-USD has fallen below the average cost of acquisition for many of these companies.