Long-term Bitcoin 
$78,221 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.”
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AAPLGlasnode 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.
