Long-term Bitcoin 
$77,560 holders currently hold a significant amount of BTC at a loss. However, Glasnode’s on-chain analysts believe this metric may be misleading. Here are the key details.
The Increase in Long-Term Bitcoin Holders
Data shows that the ratio of long-term holders to short-term holders has risen to 5.4. This figure marks the highest level since mid-2021. Nevertheless, there has been a notable increase in the number of long-term holders experiencing losses.
Glasnode analysts attribute this situation to BTC purchased around the all-time high of $73,000 maturing past a 155-day threshold.
Market Reactions
The analysts identified that this long-term holder group now constitutes 47.4% of all coins at a loss. Despite these conditions, they emphasized that the magnitude of “paper” losses is relatively small, noting that “This indicates many ‘high-profile buyers’ are technically at a loss on their investments, but the scale of portfolio withdrawals is relatively small, suggesting minimal financial pressure.”
Glasnode analysts stated that this observation is constructive. Based on historical patterns, it suggests that Bitcoin holders are entering a “reaccumulation” phase.
Last week, Bitcoin’s price dropped by 6.36%, marking an unexpected start to October, usually one of Bitcoin’s best months. At the time of writing, Bitcoin is trading at $61,300, with a daily trading volume of around $34 billion.
According to Glasnode, the losses of long-term holders may be misleading, with minimal impact on the market. This situation indicates that Bitcoin may enter a reaccumulation process in the future. These dynamics in the Bitcoin market provide crucial insights for investors, emphasizing the importance of securing long-term investments and analyzing market movements for future decisions.
