On-chain data platform Glassnode, in its weekly evaluation report, touched on Bitcoin's performance in June and stated that the decline of the largest cryptocurrency in this period can be compared to the 2011s.

Glassnode's report also described those who did not invest in Bitcoin for a long time as "tourists", and it was written that Hodlers remained as the "last bastion".

While Bitcoin continues its poor performance in 2022 with sharper downward movements every month, on-chain data platform Glassnode wrote that June marks one of the worst periods in history for Bitcoin.

It was stated that the first half of 2022 was completed and Bitcoin showed a similar performance to the bear market in 2011, with a decrease of more than 37% in June, while the price of Bitcoin was below $10 at that time.

In the report, which stated that inflation data for June is high and a possible recession period is approaching, it is stated that the market continues to show signs of a bear season, and investors who sell their Bitcoins are compared to "tourists":

   “The network level currently resembles the deepest phases of the bear season in 2018 and 2019, which indicates the almost complete end of market tourism. One of the most fundamental concepts in Bitcoin analysis is the evaluation of on-chain activity. The strength of the user base to detect the macro-level character of the network. "Or we can find its weakness with on-chain metrics. And almost all on-chain metrics show that the number and activity of network users is approaching the region of the deepest bear market in history."


In the report, which states that one of the most important factors on the chain is the number of active wallets, it is stated that we are now far away from the level of 69 thousand dollars in November:

   "A further measure of the number of network users is the 'Number of Active Wallets' metric, which leverages our aggregation algorithm. These methods, which combine many addresses and measure them at the on-chain level, provide much more consistent and clear reflections on the active user base. As of November 2021 ATH , the number of active wallets had also increased significantly, but this has now changed to the opposite… There are around 244k 'Active Accounts' per day, which is located at the lower end of the 'Low Activity Channel' typical of typical bear markets and is red It is in the region indicated by the , and it is weakening further."


One of the interesting facts in the report was about the number of addresses with no zero balance. Glassnode noted that "non-zero address numbers" continue to break records, and although the price drop that started as of May 2022 was much more severe than in previous bear seasons, the reduction in these addresses was not that intense. So despite the sharp drops, Bitcoin investors did not choose the sell option:

   "The number of addresses with more than zero BTC in the balance also continues to increase. Meanwhile, the figure broke a new record and reached 42.2 million. These addresses were minimally affected by the recent declines. In the 2018 month season, 7 million addresses were completely cleared in January and March, and this figure is one of the total addresses. Equal to 24.4%. As many as 1 million non-zero balance wallets were cleared in the April-May 2021 decline, which was equal to 2.8% of the total number of wallets. In the decline that began in May 2022, only 1% of non-zero balance wallets "The rate was completely cleared. The figure was about 430,000. Although the price drop was much more severe and intense, the stability of Bitcoin participants prevented the level of stability from increasing. Even though there is a stagnation in the number of new users, we see that the mass called hodler also clings to its base."