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Glassnode Glassnode @glassnode · 44.1K subscribers
Post #923 14K
The Week On-Chain 28, 2024
Following several months of sideways price action, Bitcoin has experienced its deepest correction since late 2022, trading below the 200DMA, and putting a significant number of Short-Term Holders into an unrealized loss.

Executive Summary
- Bitcoin has recorded its deepest drawdown for the current cycle, trading more than -26% below the ATH. Despite this, the drawdown remains historically shallow relative to past cycles.
- This price contraction has put a significant volume of Short-Term Holder Supply into an unrealized loss, with over 2.8M BTC now underwater based on their on-chain acquisition price.
- Whilst financial pressure is elevated amongst Short-Term Holders, the magnitude of losses locked in has remained relatively subdued in comparison to the market size.

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