Long-term Bitcoin holders are sitting on their largest losses since the March 2020 COVID-19 selloff and the 2018-2019 bear market but may have to keep waiting for relief.
According to Glassnode’s weekly report, the report calculated the long term holder losses by measuring the value of coins deposited to exchanges, aggregated realized losses from long-term holders (LTH) of Bitcoin (BTC) exceeded 0.006% of the market capitalization by May 29.
The report explains that the losses may continue for some time if historic loss patterns from previous bear markets are to be repeated. From 2018 to 2019, LTH losses reached a peak of 0.015% of the market cap, and those losses extended for about a year. The current losses to long-termers have only been observed for about a month.
Bitcoin prices are down 5.3% over the past 24 hours, trading at $29,567 according to data from CoinMarketCap. Ethereum is down 6.7% over the same period, trading at $1,756 having lost 34% over the past month.