BTC Supply in Loss Held by Short-Term Holders at Highest Level Since FTX Collapse

Short-term holders (STHs) now collectively hold approximately 2.8 million BTC at a loss, the highest level recorded since the FTX collapse in late 2022. These holders, defined as entities that have owned bitcoin for less than 155 days, are largely underwater on their recent purchases, with nearly all their coins acquired since June 15, when bitcoin was valued at $104,000, now sitting below current prices. In a contrasting trend, long-term holders (LTHs) have continued to decrease their supply from 14,755,530 BTC in July to 14,302,998 BTC by mid-November, indicating that many have chosen to sell after years of accumulation. Despite Bitcoin's price drop of around 25% from its October peak, U.S. spot ETFs have shown relative stability, with assets under management falling only slightly from 1.38 million BTC to 1.33 million BTC. This suggests that the recent downturn is primarily being driven by long-term holders rather than ETF outflows.

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