Unrealized losses are hitting both long-term and short-term holders this week, with half of the supply underwater in wallets.
Bitcoin (BTC) is setting unenviable records this week as hodlers big and small battle some major pain.
Data from on-chain analytics firm Glassnode shows over one-third of the BTC supply being held at a loss by long-term hodlers (LTHs) — a new all-time high.
Long-term holders shoulder record unrealized losses
Profitability has taken a serious hit in recent days, and on-chain data confirms that even the most seasoned investors are suffering.
As BTC/USD crashed to two-year lows of $15,600, investors began to lose big, and at current levels of $17,200, the situation is not much better.
Glassnode shows that LTHs were holding 35.4% of the BTC supply — over 5.9 million coins — at a loss on Nov. 9, decreasing by only 1% on Nov. 10.
Short-term holders (STHs) held another 17% of the supply at a loss, and STHs in profit accounted for just 0.06% of the supply on Nov. 9.
Bitcoin relative LTH/ STH supply in profit/ loss chart. Source: Glassnode
A wallet address is classed as an LTH or STH if it has held coins for more or less than 155 days, respectively.
The overall number of Bitcoin addresses in profit — 50% — is meanwhile currently at its lowest since March 2020 in the aftermath of the COVID-19 crash.
Bitcoin % address in profit chart. Source: Glassnode
BTC/USD sees unprecedented trend line crossover
Other on-chain numbers underscore how profitability has managed to sink so low.
In other words, Bitcoin’s price in the past 200 days, in relative terms, has been uniquely low compared to historical patterns.
“That’s a new one,” popular Twitter analytics account TXMC Trades commented.
BTC/USD 1-week candle chart (Bitstamp) with 200-day, 200-week MA. Source: TradingView
As Cointelegraph reported, the 200-week MA is a key bear market price line in the sand, which Bitcoin has nonetheless violated consistently this year.
The trend line continues to increase, however, and has never gone down.
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