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


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Bitcoin (BTC) is setting enviable records this week as hodlers big and small battle some major pain.

Data from an on-chain analytics company glass node It shows that more than a third of BTC supply is being lost due to long-term hodler (LTH), hitting a record high.

Long-term holders incur 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 plummeted to $15,600, a two-year low, investors started to lose heavily, and at the current $17,200 level, things are not looking good.

Glassnode shows that LTH held 35.4% of the BTC supply (over 5.9 million coins).

Short-term holders (STH) lost another 17%, with STH gains accounting for just 0.06% of supply on 9-Nov.

Bitcoin relative LTH/STH supply on profit/loss chart.Source: Glassnode

A wallet address is classified as LTH or STH if the coin holding period is 155 days or more or less than 155 days respectively.

Meanwhile, the total number of Bitcoin addresses with revenue is 50%, currently at its lowest level since March 2020 in the aftermath of the COVID-19 crash.

Bitcoin % address for profit chart.Source: Glassnode

BTC/USD Sees An Unprecedented Trendline Crossover

Other on-chain figures highlight how much profitability has fallen.

RELATED: Bitcoin price rises $1,000 in minutes as CPI data deals with fresh 2% drop in DXY

According to data from Cointelegraph Markets Pro, TradingViewBitcoin’s 200-day moving average (MA) fell below the 200-week moving average for the first time.

In other words, Bitcoin’s price over the past 200 days has been relatively low compared to past patterns.

“It’s New” Popular Twitter Analytics Account TXMC Trades commented.

BTC/USD 1-week candlestick chart (Bitstamp), 200-day, 200-week moving average.Source: Trading View

As reported by Cointelegraph, Bitcoin has consistently beaten the 200-week moving average line this year, despite it being a key bear market price line.

However, the trendline continues to move up and does not go down.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.