FEBRUARY 28: CATASTROPHIC DAY
After a week of heavy correction and intense selling pressure, BTC briefly rebounded to nearly $95,000, driven by long positions and leverage on margins. This recovery is not enough to mask the extent of the losses.
The numbers speak for themselves: it is the recent holders who are taking the hardest hit. Glassnode has deciphered the carnage and identified the most impacted groups:
1 day to 1 week: $238.8 million in losses;
1 week to 1 month: $187.6 million;
1 month to 3 months**: $132.4 million;
Buyers from the last 24 hours**: $104.9 million;
3 to 6 months: an explosion of losses at $12.7 million (+95.4% in one day).
The pace is frightening: the average realized losses reach $57.1 million per hour, with a peak of $19.9 million per hour for the most recent holders. For them, the rule of “HODL” seems already forgotten...
Despite this tsunami, one group of investors remains unfazed: long-term holders. Data shows that those who have owned BTC for 6 to 12 months remain unperturbed. They are not selling, or very little.
On their side, short-term traders continue to rack up liquidations. In just three days, over $2.16 billion in realized losses have been recorded. February 26 was even the worst day with $1.13 billion in losses.
The price of BTC had fallen back to $80,000 before rebounding to $94,000. Technical rebound or simple calm before a new storm? And above all, how long will HODLers who have held for 6 to 12 months keep their cool?