43% of Bitcoin’s Losses Are Now Held by HODLers! 💥

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On-chain data reveals a subtle metamorphosis in the distribution of Bitcoin’s submerged supply, as the proportion of long-term custodians ascends with a quiet, inexorable grace. 🐍

A Quarter of Bitcoin’s Circulating Supply Now Drowns in Loss, a Sorrowful Tale of Fickle Fortune

In its latest weekly manifesto, the venerable on-chain analytics firm Glassnode delves into the latest developments of the Bitcoin Total Supply in Loss, a metric that, much like a cryptic sonnet, unveils the hidden verses of market sentiment. 🧠

This indicator, a meticulous scribe of digital transactions, traverses the annals of each token’s history, seeking the price at which it was last transmuted, to determine its current state of financial melancholy. 📉

The Total Supply in Loss aggregates these coins, weaving a tapestry of the network’s financial condition, while its counterpart, the Total Supply in Profit, offers a counterpoint of gleaming optimism. 📈

Behold, the chart unveiled by the analytics firm, a visual sonata tracing the 7-day moving average of the Total Supply in Loss across the years. 🖼️

As the graph unveils, the Bitcoin Total Supply in Loss experienced a precipitous ascent when the asset’s price plunged in November, a tempest of despair that left the network quivering. 🌪️

Glassnode explained: “Persisting within the 6-7 million BTC range since mid-November, this pattern closely mirrors early transitional phases of prior cycles, where investor frustration, like a slow-burning fuse, foreshadowed a deeper descent into bearish abysses.” 🧨

The report has also shed light on how this loss supply is distributed between the two main divisions of the Bitcoin investors based on holding time: short-term holders (STHs) and long-term holders (LTHs). The cutoff between the two groups is 155 days, a threshold as arbitrary as the lines drawn in the sand by ancient mariners. 🌊

As the chart below illustrates, the recent surge in loss supply was initially dominated by the short-term holders, those fleeting visitors to the Bitcoin realm. 🕒

As the cryptocurrency languishes in its lowly state, the distribution of loss supply has shifted, with the long-term holders, those patient sages, gaining a notable share. 🧘‍♂️

Of the 23.7% of Bitcoin’s circulating supply now adrift in loss, 13.5% resides with the short-term holders, while 10.2% is cradled by the long-term custodians. “This distribution, a mirror of past cycles, suggests that the loss-bearing supply, amassed by recent acquirers, is slowly maturing into the long-term holder cohort, a transformation as inevitable as the turning of the seasons.” 🌿

BTC Price

At the moment of this writing, Bitcoin hovers around $85,400, a 5.5% descent from its former glory, a reminder of the fickle nature of fortune. 🪙

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2025-12-19 11:14