As the FTX crisis unfolded over the last week, the world’s largest cryptocurrency Bitcoin (BTC) has been facing severe selling pressure. As of press time, BTC is trading 1.68% down at a price of $16,571 and a market cap of $318 billion.
So far Bitcoin long-term holders have shown great conviction in holding their coins. However, they are undergoing a period of acute financial stress. Pointing out the MVRV ration of the long-term holders, on-chain data provider Glassnode explained:
Bitcoin Long-Term Holders are currently experiencing acute financial stress, holding an average of -33% in unrealized losses. This is comparable to the lows of the 2018 bear market, which saw a peak unrealized loss of -36% on average.
Courtesy: Glassnode
As we can see in the above chart, the last time the long-term holders came under similar stress, it was the point of reversal for the Bitcoin price. This might suggest that the bottom for Bitcoin could be nearly in.
However, Bitcoin critic Peter Shiff belie
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