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According to data released by Glassnode on platform X, the relative unrealized loss of Bitcoin long-term holders (LTH) briefly reached approximately 15% in early April. Compared to levels exceeding 75% during historical deep bear market cycles, the impact of this market correction on long-term holders is notably lighter.The analysis points out that while recent price pullbacks have caused some paper losses, the overall pressure remains far below historical cycle lows, indicating that the current decline has not yet posed a substantive test to the conviction of long-term holders. Structurally, this adjustment is more characteristic of mid-term volatility rather than a full-scale cyclical capitulation event.
Glassnode’s Week 20 BTC Market Report states that BTC rose last week from above $77,000 to below $82,000, with strengthening spot demand and futures activity and sustained buying absorbing pullbacks. The report notes rising Spot Cumulative Volume Delta (CVD), spot trading volume, futures open interest, and perpetual swap CVD—indicating a rebound in market risk appetite. However, price momentum slowed, and long funding rates declined, signaling a marginal cooling of bullish sentiment. In the options market, demand for downside protection decreased and open interest increased, yet the volatility skew widened, reflecting persistently high market uncertainty. On-chain metrics show increases in daily active addresses, entity-adjusted transaction volume, and total fees; profitability indicators improved, and the overall market structure continues to recover.