Bitcoin’s long-term holder (LTH) cohort is now sitting on its deepest pile of underwater coins since the March 2020 panic, a signal that the market’s cleanup phase is still grinding forward. According to the on-chain update from Glassnode, LTH entities currently hold 5.3 million BTC at an unrealized loss. That reading eclipses the post-FTX crash tally and now rivals only the extreme stress seen when the pandemic first shattered global markets.