BlocksInform
Bitcoin () breaks records this Christmas as a sub-$17,000 course triggers unparalleled pain for Hodler.
Data from on-chain analytics firm Glassnode shows that both short-term and long-term investors are sitting on more losses than ever before.
New or old, Bitcoin hodlers nursing losses seriously.
Since the collapse of the FTX has sent the crypto markets plummeting, BTC/USD has not been able to recover.
Its fall to levels never seen two years ago has created problems for the Hodlers who have purchased more recently - logically, they reap negative returns on their positions.
The pain is deeper than that, however, and glassnode now shows the magnitude of the unrealized losses that afflict new comers and old hands.
For short-term (sths) and long-term (lths) holders, existing btc price levels are a nightmare. Sths and lths are defined as entities that mix incoming parts for less than 155 days, respectively.
According to recent figures, in December. 26, STH bitcoins held at a total loss 1,889,585 BTC, with the total LTH at 6,057,858 BTC.
It is a record in terms of percentage of Bitcoin supply used by the tool, which excludes BTC held by trade.
As Cointelegraph previously reported, hodlers were already in control of over 50% of the supply in unrealized loss immediately following the FTX implosion.
There's still time for maximum pain.
What the future may contain for the courses of the CTB, in the meantime, remains a subject of reflection.
Related: Bitcoin exchange withdrawals sink to 7-month low as users forget FTX
While some metrics are calling time on the 2022 bear market, analysts believe that a new macro BTC price bottom is still to come.
A popular target is $10,000 for BTC/USD, this potentially due in Q1, 2023 as weeks of sideways action with hardly any volatility comes to an end in the new year.
In terms of its retracement from all-time highs, however, Bitcoin still has room to fall, having not yet breached the 80% threshold common to previous bear markets.
