BTC Supply in Loss Held by Short-Term Holders at Highest Level Since FTX Collapse
The supply of Bitcoin held by short-term holders currently at a loss is the highest since the FTX collapse.Summary
Data from Glassnode indicates that 2.8 million BTC held by Short-Term Holders (STHs)—those holding for less than 155 days—are now at a loss, marking the highest level since the FTX collapse in November 2022. This is because Bitcoin's current price is significantly below the levels around June 15th when many of these coins were acquired. While Bitcoin has corrected about 25% from its October all-time high, Long-Term Holders (LTHs) have also been distributing, with their supply dropping by over 452,000 BTC since July, often for lifestyle-driven reasons following the ETF launch and a $100,000 price target. Notably, U.S. spot Bitcoin ETF assets under management (AUM) have remained stable, showing only a 3.6% decrease when measured in BTC terms, suggesting that the recent price decline is driven more by LTH selling than by ETF outflows.
(Source：CoinDesk)