Prominent Trader: Bitcoin's Long-Term Holders Loss of Supply Has Exceeded ‘FTX Hack’ Period

BlockBeats News, July 26th, prominent trader Killa posted stating that during the last Bitcoin bull market, about 80% of the top indicators were never triggered. A similar situation may occur with future bottom indicators, so one cannot blindly rely on historical signals to determine the market bottom.

He pointed out that the supply held at a loss by long-term holders currently exceeds the level during the FTX liquidation event and is approaching the level seen during the 2018 bear market. The current Bitcoin realized price is around $50,000, and in each past cycle, the price has tested the long-term holder realized price. Therefore, a return to that area is still possible.

However, Killa stated that Bitcoin is not necessarily destined to fall back to this level. Many top indicators did not trigger in the last cycle, and some future bottom indicators may also fail. In any case, the current market's degree of loss is similar to that of the FTX event and the 2018 bear market period.