On-chain data shows the Bitcoin long-term holders are now holding more underwater supply than even the lowest point of the 2022 bear market.
Bitcoin Long-Term Holders In Deepest Pain Since COVID CrashStatistically, the longer investors keep their coins dormant, the less likely they become to sell them in the future. As such, LTHs with their relatively long holding time are considered to include the resolute hands of the market.
Currently, the 155-day cutoff for the LTH group puts their buying point before January. BTC traded above the latest spot price throughout 2024, so a notable amount of the cohort’s members would be underwater right now.
Below is the chart shared by CryptoVizArt that shows the exact amount of supply that’s being held in loss by the Bitcoin LTHs.
As is visible in the graph, the amount of Bitcoin LTH supply being held at some net unrealized loss rose as the cryptocurrency’s price observed a bearish shift in Q4 2025. Another particularly sharp surge in the metric came this year alongside the February price crash, which took its value near the highs from the 2022 bear market.
In the past, extreme readings in the metric have usually coincided with market lows and reversals in its value have led into a change of trend. “The scale of underwater LTH supply suggests the resolution process is still in progress,” noted the analyst.
It now remains to be seen whether the Bitcoin LTH loss will reach even higher heights in this cycle or if a turnaround will follow next.
BTC PriceAt the time of writing, Bitcoin is trading around $64,000, down more than 13% over the past week.
