{"id":94365,"date":"2026-02-17T13:32:23","date_gmt":"2026-02-17T10:32:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94365"},"modified":"2026-02-17T13:36:09","modified_gmt":"2026-02-17T10:36:09","slug":"long-term-bitcoin-investors-realise-hefty-losses-says-glassnode","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/long-term-bitcoin-investors-realise-hefty-losses-says-glassnode\/","title":{"rendered":"Long-term bitcoin investors realise hefty losses, says Glassnode"},"content":{"rendered":"<p>The drop in the price of the leading cryptocurrency to $60,000 imposed psychological pressure on long-term holders (LTH) comparable to <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the collapse of the Terra (LUNA) ecosystem<\/a> in May 2022, according to Glassnode analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The recent drop to $60k imposed drastic psychological pressure on \u201cdiamond hands,\u201d comparable to the May 2022 LUNA crash.<br \/>In both cases, the 7D EMA of Long-Term Holder SOPR fell below 1 after trading for 1-2 years above it.<br \/>Simply put, long-term holders realized significant\u2026 <a href=\"https:\/\/t.co\/xc6bXzwPYx\">pic.twitter.com\/xc6bXzwPYx<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/2023471251688239591?ref_src=twsrc%5Etfw\">February 16, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Their data show the seven-day EMA of the <a href=\"https:\/\/forklog.com\/en\/news\/sopr-finding-bitcoins-highs-and-lows\">SOPR<\/a> for this cohort fell below 1. That implies they sold at significant losses \u2014 a rare shift in behaviour typically seen in the deeper stages of a bear phase.<\/p>\n<p>During the first sharp leg down in November 2025, the market aggressively absorbed selling, resembling the response after the Terra and <a href=\"https:\/\/forklog.com\/en\/news\/greed-and-recklessness-why-the-ftx-collapse-is-being-likened-to-the-2008-crisis\">FTX<\/a> collapses. By contrast, the recent slide to $60,000, while accompanied by some accumulation, showed markedly weaker demand than the November 2025 bounce or the reflexive bid seen after the LUNA collapse.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">During the first sharp leg down in NOV 2025, the market absorbed heavy sell pressure aggressively, similar to the post-LUNA &#038; FTX crash responses.<br \/>The recent drop to $60k did see some accumulation, but it was notably weaker than the NOV 2025 bounce or the reflexive demand seen\u2026 <a href=\"https:\/\/t.co\/xEurQqGJXj\">https:\/\/t.co\/xEurQqGJXj<\/a> <a href=\"https:\/\/t.co\/BsyGWoKSpX\">pic.twitter.com\/BsyGWoKSpX<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/2023473569154445805?ref_src=twsrc%5Etfw\">February 16, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An analyst going by the name Darkfost shared a similar observation, reinforcing the late-bear-market thesis.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd34 Long Term Holders show early signs of stress.<\/p>\n<p>According to the SOPR, long term holders are also starting to come under pressure as this correction continues, marking a notable shift in market dynamics.<\/p>\n<p>\u2013\ud83d\udca1The SOPR (Spent Output Profit Ratio) is a simple measure of realized\u2026 <a href=\"https:\/\/t.co\/pGQdAjPLzW\">pic.twitter.com\/pGQdAjPLzW<\/a><\/p>\n<p>\u2014 Darkfost (@Darkfost_Coc) <a href=\"https:\/\/twitter.com\/Darkfost_Coc\/status\/2023694609847574546?ref_src=twsrc%5Etfw\">February 17, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He said the LTH SOPR now stands at 0.88. Prolonged downtrends have typically ended when the ratio reached 0.5.\u00a0<\/p>\n<p>At the same time, the expert stressed the trend is not yet entrenched. The monthly average for the metric is 1.09.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe have not yet entered a true LTH capitulation phase. Rather, these are early signs of weakening sentiment that may either fade if the market stabilises or intensify if selling pressure persists,\u201d he explained.\u00a0<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Weak demand\u00a0<\/h2>\n<p>Darkfost also pointed to net outflows of <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a> from Binance for a third consecutive month. In his view, this signals a persistent contraction in liquidity across the crypto market.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd34Binance sees third straight month of negative Stablecoin netflows<\/p>\n<p>This marks the third consecutive month in which stablecoin netflows on Binance have remained in negative territory, signaling a persistent contraction in the liquidity available across the crypto market.<\/p>\n<p>\ud83d\udca5The\u2026 <a href=\"https:\/\/t.co\/Y4ekAQIevw\">pic.twitter.com\/Y4ekAQIevw<\/a><\/p>\n<p>\u2014 Darkfost (@Darkfost_Coc) <a href=\"https:\/\/twitter.com\/Darkfost_Coc\/status\/2023410259172151727?ref_src=twsrc%5Etfw\">February 16, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Outflows totalled $1.8bn in December, $2.9bn in January and $3bn since the start of February. The last similar pattern came during the 2023 bear market, the specialist noted.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThis sustained decline in reserves points to weakening demand and a more defensive investor stance,\u201d he commented.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>The technical analyst known as Ardi said bitcoin open interest on Binance has slumped 20% over the past two weeks.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>Open Interest down 20% in 2 weeks. Price up 20% from the lows in that same window.<\/p>\n<p>Shorts closing. Not new longs entering.<\/p>\n<p>There&#8217;s no fresh capital entering in this range right now. Until OI starts climbing WITH price, every bounce is a series of short\u2026 <a href=\"https:\/\/t.co\/0bitjf5s6g\">pic.twitter.com\/0bitjf5s6g<\/a><\/p>\n<p>\u2014 Ardi (@ArdiNSC) <a href=\"https:\/\/twitter.com\/ArdiNSC\/status\/2023669624848650623?ref_src=twsrc%5Etfw\">February 17, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cShorts are closing, and new longs are not opening. There is no influx of fresh capital in this range right now,\u201d he wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Until open interest begins to rise alongside price, each bounce will amount to another round of short covering. Ardi argues the sector has entered the dullest phase of the bear market, when traders lose interest.\u00a0<\/p>\n<p>At the time of writing, bitcoin is trading around $68,100, down 1.3% over the past 24 hours.\u00a0\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"641\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453-1024x641.png\" alt=\"image\" class=\"wp-image-275296\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453-1024x641.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453-300x188.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453-768x480.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453-1536x961.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-1566c50106ab9b2f-6539980789477453.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly BTC\/USDT chart on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Earlier, Bloomberg Intelligence senior commodity strategist Mike McGlone <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-analyst-reaffirms-10000-bitcoin-forecast\">confirmed<\/a> a $10,000 bitcoin forecast.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s drop to $60,000 put psychological pressure on long-term holders comparable to Terra\u2019s May 2022 collapse, Glassnode said.<\/p>\n","protected":false},"author":1,"featured_media":94366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Glassnode: LTHs realised losses as BTC hit $60k; weak demand and falling OI signal late-bear phase.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1273,1253],"class_list":["post-94365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-glassnode","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"201","promo_type":"1","layout_type":"1","short_excerpt":"Glassnode: LTHs realised losses as BTC hit $60k; weak demand and falling OI signal late-bear phase.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94365"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94365\/revisions"}],"predecessor-version":[{"id":94367,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94365\/revisions\/94367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94366"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}