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.