Longterm holders have never had this much conviction.

And they have also never been in this deep of a loss across the board.
Bitcoin longterm holders now hold the most amount ever, at over 16.5m Bitcoins.
And almost half of those coins are in loss, at the largest amount ever, at 7.4m coins.
For reference, at the bottom of the 2022 bear market, 6.8m coins were in loss.
2018 - 5.8m Bitcoins
2015 - 5.9m Bitcoins
Right now this is the amount of Longterm holder Bitcoins in a loss, ever.
What this data shows us is that Longterm holders have added more than ever, and are happy to hold in loss.
After several heavy sell offs on Bitcoin, its very likely we have reached the point that its only the truly convicted left.
And this data backs that up.
That doesn't mean we cant stab lower, but with these metrics already at record breaking extremes...
The distance left to go is very minimal.
The main question now is on bitcoins recovery, not on how much it has further to fall.