The bear market of 2022 has been brutal for the entire digital asset industry, with prices drawing down over 75% from the ATH for both BTC and ETH. In this piece, we take a big picture view of the big events and trends from an on-chain data perspective.
Bitcoin spot prices fell below the Realized Price (currently ~$20k) in mid-June, which is often considered the aggregate cost basis of the market. This indicates that the average BTC investor is underwater on their holdings, and has been for 143-days so far. Both in scale and duration, this is now on par with prior bear markets.