Bitcoin long-term holders are now nursing a bigger unrealized loss pile than they did during the FTX collapse two years ago. Data shows this cohort is holding roughly 5.3 million BTC at a net unrealized loss — a figure that surpasses the loss levels seen in November 2022, when the exchange imploded. Bitcoin is trading around $64,000, down more than 13% over the past week.
5.3 million coins in the red
That 5.3 million BTC figure represents the largest amount of long-term holder coins sitting underwater since the March 2020 COVID-19 crash sent markets into freefall. Back then, the loss stack peaked at a higher level, but today's number still dwarfs anything seen during the FTX meltdown or the subsequent 2023 bear-market lows.
The 'resolute hands' definition
Long-term holders are defined as investors who have held their bitcoin for more than 155 days. Historically, they sell at much lower rates than short-term traders, which is why the market watches them closely. When a group this patient is sitting on a six-figure unrealized loss, it tends to signal deep bearish sentiment — or at least a refusal to lock in red.
Comparing the drawdown
The current drawdown is still shallower than the COVID-19 crash peak in March 2020, when long-term holder losses briefly exceeded today's count. But it has already blown past the FTX-era record from late 2022. That matters because the FTX episode was a sudden exchange-failure event, while the current pressure has been building over weeks of slow grinding lower.
Bitcoin's 13% weekly drop has pushed the entire market into a more cautious mood. No one is calling a bottom, but the fact that long-term holders haven't started dumping in volume is one reason some traders stay constructive. The unresolved question is whether they'll keep holding if prices slip below $60,000 — that could test their patience in a way the past month hasn't.
