Short-Term Holder Bitcoin Supply in Loss Climbs to Highest Level Since FTX Collapse

Why It Matters

The widening gap between short‑term holder losses and stable ETF inflows signals that the current correction is being fueled by profit‑taking among seasoned investors, which could prolong price volatility. It also underscores the resilience of ETF structures as a source of liquidity, shaping future market dynamics.

Summary

Short‑term Bitcoin holders now have about 2.8 million BTC in loss, the deepest underwater position since the FTX collapse of late 2022. The loss stems from purchases made after June 15, when BTC was around $104,000, while the price is now roughly 25 % below its October peak. In contrast, U.S. spot Bitcoin ETFs have held steady, with assets under management slipping only 3.6 % to 1.33 million BTC, indicating that the price decline is driven by long‑term holder selling rather than ETF outflows. Long‑term holder supply fell by roughly 452,000 BTC since July, reflecting lifestyle‑driven liquidation.