BlockBeats news, June 2: Glassnode reported that Bitcoin's price has fallen to $69,500, with long-term holders' relative unrealized loss at 15.5%.
This means that long-term holders are currently experiencing an average unrealized loss of approximately $0.155 (15.5 cents) on their books for every $1 worth of Bitcoin held. At the extreme bottoms of previous market cycles, this metric exceeded 50%, indicating more than $0.50 in unrealized loss per $1 of holding value.
Data shows that the market is indeed under some pressure, but the level of distress among long-term holders remains far below what is typically seen at historical cycle bottoms. In other words, based on the losses of long-term holders, there are no signs yet of the widespread and deep-seated "capitulation selling" observed in past bear market bottoms.