The autumn decline of BTC has caused the strongest surge in recorded losses since the FTX collapse at the end of 2022. Data from #Glassnode confirms the scale of the unloading.

But there is an important detail: the main blow has been taken by the STH segment (short-term holders). These are those who entered the market relatively recently and are now massively exiting at a loss. The losses of LTH (long-term holders) remain minimal - they are still sitting calmly and almost not participating in the sell-off.

In fact, the market shows a classic picture: panic - among new buyers; resilience - among the old. This reflects the structure of the current correction and helps to better understand who exactly is selling at the moment.