Glassnode's latest analysis report indicates that the unrealized losses of Bitcoin, calculated through standardized drawdown metrics, show that short-term speculators have suffered significant paper losses during this round of adjustments, comparable to the levels seen at the beginning of historical bear markets. Although long-term holders overall remain profitable, a concerning phenomenon is emerging—previously high-priced positions are gradually transitioning into long-term holdings over time.
This shift in holding structure conceals risks: when a large number of Bitcoins with cost prices higher than the current price are classified as 'long-term holdings,' the market's ability to absorb losses will significantly weaken. Historical data shows that such a change in holding nature often becomes an important hallmark event in establishing a bear market. Although there are currently no clear trending bearish signals in the market, Glassnode warns investors to remain vigilant about the long-term pressure brought by this structural shift.
