Glassnode Says Bitcoin Long-Term Holder Losses Remain Above Cycle-Bottom Pain Levels

Bitcoin has fallen into the $69,000 range, but losses among long-term holders remain short of levels seen at prior cycle bottoms, Glassnode said. The on-chain analytics firm said market stress is building, though it is still far from the extreme pain historically associated with major lows.

In a post on X on June 2, Glassnode said long-term holders' relative unrealized losses stood at 15.5% when Bitcoin traded at $69,500.

That means long-term holders are carrying about 15 cents of unrealized losses for every $1 of Bitcoin value they currently hold. The metric indicates that some long-term holders have slipped into loss-making territory.

In past cycle extremes, however, the figure has risen to more than 50 cents per $1. Glassnode wrote that while stress exists in the current market, the long-term holder base remains well removed from the pain levels that have historically marked cycle bottoms.

The analysis came as Bitcoin briefly gave up the $70,000 level. Net outflows from spot Bitcoin exchange-traded funds, geopolitical tensions and Strategy's partial sale of its Bitcoin holdings have been cited as short-term sources of downside pressure.

Still, the fact that unrealized losses among long-term holders have not yet reached extreme levels suggests it may take more time to confirm a bottom. Market participants are watching ETF flows, whether Bitcoin can reclaim $70,000, and the pace of any further increase in long-term holder losses as key drivers of near-term direction.