On September 28th, on-chain data analyst Murphy stated that if BTC's volatility since August 13th is considered a major trend correction, then the correction is likely not yet complete. All losses so far have been attributed to short-term holders (STH), while long-term holders (LTH) have maintained a 0% loss share. From this perspective, the current situation does not yet reflect the peak of panic in the downward trend.
On-chain data shows that long-term holders are not far from panicking. The highest-cost long-term holders hold positions around $106,000, but their holdings are limited. When BTC enters the $97,000-$106,000 range, more and more long-term holders will experience losses, likely marking the bottom of a trend correction. This analysis is for educational purposes only and is not intended as investment advice.
