Recent data from Glassnode indicates a worrying trend for Bitcoin investors, particularly long-term holders. "For many, the wait has become unbearable," said one market analyst, reflecting the sentiment among those selling at a loss. Long-term holders now account for 43% of all realized losses in the network, a significant increase from just 15% in February. This shift suggests that even the most patient investors are beginning to capitulate.
Bitcoin has remained below its key on-chain cost levels for the past five months, a period Glassnode refers to as a time of 'deep value territory.' Currently priced around $62,000, Bitcoin sits well below the True Market Mean of $76,600 and the short-term holder cost basis of $72,200. Analysts caution that without reclaiming these cost levels, any upward movement in price should be viewed with skepticism.
The dramatic increase in losses is primarily driven by coins purchased near the October 2025 peak of $126,000. Many holders, having endured months of declines, are selling out of frustration, resulting in realized losses peaking at approximately $280 million daily. This marks the second major selling wave in the current downturn, with no significant signs of a slowing trend.
Despite these losses, a contrasting trend is emerging. Glassnode analyst Chris Beamish noted a shift towards net accumulation among long-term holders, particularly those holding between 100 and 1,000 BTC. For the first time in this downturn, more Bitcoin is reported as being in a loss position than in profit, with around 10.83 million BTC underwater compared to 9.22 million in profit. This suggests a changing dynamic in the market, indicative of a potential bottoming process.
This material is informational and not financial advice.
