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

Short-term holders of Bitcoin are now holding approximately 2.8 million BTC at a loss, marking the most significant underwater position recorded since the FTX collapse in late 2022. These holders, defined as entities that have held Bitcoin for less than 155 days, are nearly entirely at a loss on their recent purchases as Bitcoin's price dropped from $104,000 on June 15 to its current levels. In contrast, U.S.-listed spot ETFs have remained relatively stable, showing only a minor decrease in assets under management from 1.38 million BTC to 1.33 million BTC despite Bitcoin experiencing a 25% price drop. This divergence indicates that the recent price slump is primarily influenced by long-term holders (LTHs) who have been distributing their holdings. Data shows that the LTH supply has decreased from over 14.7 million BTC in July to about 14.3 million BTC as of mid-November 2025, reflecting a shift in market dynamics with many long-standing holders selling for lifestyle reasons rather than negative sentiments about the asset. This trend paints a complex picture of the current Bitcoin market and its participant's behaviors amid evolving market conditions.

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