Data shows that long-term holders have not experienced historical-level pressure on BTC, and this round of correction is far below the level of a deep bear market.

According to Mars Finance, data released by Glassnode on its X platform shows that the relative unrealized loss of Bitcoin long-term holders (LTH) reached approximately 15% in early April. Compared to the levels exceeding 75% during historical deep bear market cycles, the impact of this market correction on long-term holders is significantly lighter. Analysis indicates that although the recent price pullback has resulted in some paper losses, the overall pressure remains far below historical cycle lows, suggesting that the current decline has not yet substantially tested the conviction of long-term holders. Structurally, this correction is more of a medium-term fluctuation than a full-blown cyclical capitulation.