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.
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.
BTC/USD sees unprecedented trend line crossover
Other on-chain numbers underscore how profitability…
