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

Short-term Bitcoin holders now hold approximately 2.8 million BTC at a loss, marking the most significant underwater position since the FTX collapse in late 2022. As of June 15, 2025, when Bitcoin traded at $104,000, most coins acquired since that date remain above current levels, highlighting the struggles of these investors. Meanwhile, U.S. spot ETF assets under management (AUM) have shown resilience, only dipping from 1.38 million BTC to 1.33 million BTC despite Bitcoin's recent 25% price drop. This stark contrast suggests that the recent price decline may not be driven by ETF outflows but rather by long-term holders selling. Glassnode data illustrates a considerable decrease in the long-term holder (LTH) supply, down by over 450,000 BTC since July. Experts suggest that many long-standing holders are selling not out of a negative view of the asset, but due to lifestyle choices coinciding with a favorable market environment for selling, including the launch of U.S. ETFs and high price targets.

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