According to Glassnode data, the LTH Relative Unrealized Loss for BTC reached a peak of 15% in early April, while during the previous deep bear market, this indicator exceeded 75%. Glassnode states that long-term holders are currently under pressure at only a small fraction of the lows seen in previous cycles, indicating that although recent pullbacks are more pronounced, they have not yet reached a level that would deeply test the conviction of long-term holders.