Bitcoin (BTC) is breaking unenviable records this week, as holders both large and small are dealing with some major pain.
Data from on-chain analytics firm Glassnode shows that more than a third of BTC supply is held at a loss by long-term hodlers (LTH), a new all-time high.
Long-term holders record unprecedented unrealized losses
Returns have taken a hit in recent days, and on-chain data confirms that even the most experienced investors are suffering.
When the BTC/USD pair crashed to a two-year low of $15,600, investors started losing big, and at current levels of $17,200, things are no more encouraging.
Glassnode shows that LTHs held 35.4% of the BTC supply — over 5.9 million coins — at a loss on Nov. 9, down just 1% on Nov. 10.
Short-term holders (STHs) held another 17% of supply at a loss, and STHs at a profit accounted for just 0.06% of supply on Nov. 9.
A wallet address is classified as LTH or STH if it has held coins for more or less than 155 days, respectively.
The total number of profitable Bitcoin addresses – 50% – is currently at its lowest point since March 2020, following the COVID-19 crash.
BTC/USD pair sees unprecedented trend line crossover
Other on-chain figures highlight how profitability has fallen so low.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin has seen its 200-day moving average (MA) drop below its 200-week counterpart for the first time in history.
In other words, the price of Bitcoin over the last 200 days, in relative terms, has been exceptionally low compared to historical patterns.
“That’s new,” commented the popular bill TXMC Trades Twitter analytics.
As Cointelegraph reported, the 200-week MA is a key bear market price line in the sand, which however Bitcoin has consistently disrespected this year.
However, the trend line continues to rise and has never turned lower.
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