Hodlers in Losses Sitting on 50% of BTC Supply After $5.7K Bitcoin Price Drop
Bitcoin (BTC) is setting unenviable records this week as hodlers big and small battle major pain.
Data from chain analysis firm Glassnode shows that over a third of the BTC supply is held at a loss by long-term hodlers (LTH) – a new all-time high.
Long-term owners must note unrealized losses
Profitability has taken a serious hit in recent days, and chain data confirms that even the most experienced investors are suffering.
When BTC/USD crashed to a two-year low of $15,600, investors started to lose heavily, and with today’s levels of $17,200, the situation is not much better.
Glassnode shows that LTHs held 35.4% of the BTC supply – over 5.9 million coins – in losses on November 9th, falling by just 1% on November 10th.
Short-term holders (STHs) held an additional 17% of supply at a loss, and STHs in surplus accounted for just 0.06% of supply on November 9.
A wallet address is classified as an LTH or STH if it has held coins for more or less than 155 days respectively.
Meanwhile, the total number of Bitcoin addresses in surplus – 50% – is at its lowest since March 2020 in the wake of the COVID-19 crash.
BTC/USD Sees Unprecedented Trendline Cross
Other figures in the chain emphasize how profitability has managed to drop so low.
Related: Bitcoin Price Rises $1,000 Within Minutes As CPI Data Gives DXY Fresh 2% Drop
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin has seen its 200-day moving average (MA) fall below its 200-week counterpart for the first time ever.
In other words, Bitcoin’s price over the past 200 days, in relative terms, has been uniquely low compared to historical patterns.
“It’s a new,” trending Twitter analysis accounting TXMC Trades commented.
As Cointelegraph reported, the 200-week MA is a key bear market price line in the sand, which Bitcoin has nevertheless breached consistently this year.
However, the trend line continues to rise, and has never gone down.
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