bitcoinetf

Bitcoin has fallen roughly 30 percent from its October 2025 all-time high near $126000 and the sell-off is hitting newer investors the hardest.
On-chain analytics firm Glassnode reports that short-term holders (wallets holding BTC for less than 155 days) are now realizing losses at levels not seen since the FTX collapse in November 2022.
Key metrics as of December 5 2025:
Short-term holders have locked in more than $800 million in realized losses over the past seven days aloneApproximately 2.8 million BTC held by this cohort is currently underwater marking the highest volume of unrealized losses for STH since FTX99 percent of the 5.4 million BTC owned by short-term holders now sits below its original purchase priceThe STH realized price-to-spot price ratio has dropped to -1.4 a level that previously signaled capitulation and market bottoms in past cycles

Glassnode analysts note that this wave of selling comes almost entirely from investors who bought near the top of the 2025 rally. Long-term holders meanwhile have barely increased distribution showing little participation in the current panic.
Historically sharp short-term holder loss realization has often marked the most painful phase of a correction and in bull markets has frequently preceded the final washout before recovery.
Despite the on-chain pain spot Bitcoin ETFs continue to see steady inflows and the broader market structure remains constructive according to multiple indicators.
At press time BTC trades near $85000 still down 8 percent over the past week but holding above key support levels watched by analysts.
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