Bitcoin HODLer Pain Surpasses FTX Crash Levels As BTC Drawdown Deepens

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 Crash

As highlighted by Glassnode lead research analyst CryptoVizArt in an X post, the Bitcoin long-term holders have seen a spike in loss supply following the latest price crash.

“Long-term holders” (LTHs) refer to the BTC investors who have been holding onto their coins for a period longer than 155 days. These holders make up for one of the two main divisions of the network done on the basis of holding time. The other side, containing investors who purchased within the past five months, is known as the short-term holders (STHs).

Statistically, 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.

Now, the latest price crash has induced further expansion in the indicator, with LTHs carrying 5.3 million BTC at a loss. From the chart, it’s apparent that this level is higher than the peak registered at the lows that followed the FTX crash.

In fact, this value is higher than other bear markets as well. The only period that saw the loss supply of the LTHs exceed this level was the crash caused by COVID-19 in March 2020.

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 Price

At the time of writing, Bitcoin is trading around $64,000, down more than 13% over the past week.