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.
Related: Bitcoin price gains $1K in minutes as CPI data deals DXY fresh 2% dip
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 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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