BitcoinIt is down almost 55% since November’s peak and 40% are currently underwater on their investments according to new data from Glassnode.

The percentage of those short-term owners who were in the bitcoin game during the past six months, when Bitcoin’s value peaked at approximately $69,000 is higher.

The last month saw 15.5% fall into unrealized losses as bitcoin plunged to the level of $31,000. Tech stocks fell lower. Bitcoin’s strong correlation with the Nasdaq raises doubts about the claim that it functions as an inflation-hedging hedge.

Glassnode’s analysts noted that investors were paying higher fees in this sale-off to facilitate transactions.

According to the report, most wallet cohorts “from shrimps to whales” have seen a decrease in on-chain accumulation, which is a reference to small-scale as well large-scale investors.

In the last week, wallets holding more than 10,000 bitcoin were an important distributive tool.

And while there is more conviction among retail investors — data shows that those holding less than 1 bitcoin are the strongest accumulators — the accumulation among these smaller-scale holders is notably weaker than it was in February and March.

Fundstrat Global Advisors believes that the bottom is around $29,000 per coin. The firm advises clients to buy protection for long positions with one-to three-month terms.