Long-term Bitcoin holders (LTH) are experiencing losses at levels that have reached historic bear market levels.

Data shows:
The number of long-term BTC holdings currently in a loss has reached approximately 5.7 million coins.
This data is already very close to:
• 2015 bear market: 5.96 million coins
• 2019 bear market: 5.8 million coins
• 2022 bear market: 6.8 million coins
It indicates that a large number of long-term holders have re-entered a state of unrealized losses.
But unlike in the past:
This time, BTC is only down about 52% from its all-time high.
The decline is actually much less than previous bear markets.
This means:
Current losses are more concentrated among “young LTHs.”
That is:
Those who bought a lot of BTC in the $80k–125k range but have held their positions long enough to be classified as long-term holders.
Simply put:
Many people originally thought they were “value investors”;
But when the market retraced,
They were directly caught as long-term holders.
And the most dangerous part of the market now is:
The truly old-cycle whales haven't panicked yet;
But newly entered long-term holders are already under pressure.
If BTC cannot regain key levels in the future,
Market sentiment could further deteriorate.