Bitcoin (BTC) is setting enviable records this week as hodlers big and small battle some major pain.
Data from on-chain analytics firm Glassnode shows that over a third of BTC supply is being lost by long-term holders (LTH).
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.
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.
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
Bitcoin’s 200-day moving average (MA) has broken below the 200-week moving average for the first time, according to data from Cointelegraph Markets Pro and TradingView.
In other words, Bitcoin’s price over the past 200 days has been relatively low compared to past patterns.
“It’s New” Popular Twitter Analysis account TXMC Trades commented.
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.