Cryptocurrency Opinion and Analysis

Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dip

2022.11.11 11:02


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.

Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dipBitcoin 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.

Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dipBitcoin % 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.

Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dipBTC/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.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.





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