[Data: The number of Bitcoins held by short-term holders in a loss state has risen to the highest level since the FTX collapse] According to a report by CoinDesk, Glassnode data shows that short-term Bitcoin holders (those holding for less than 155 days) currently hold a total of 2.8 million Bitcoins, almost all of which are now in a loss state. This loss level has reached its highest point since the FTX collapse in November 2022, when Bitcoin was trading at approximately $15,000 per coin. On June 15 (155 days ago), Bitcoin was trading at $104,000, meaning that almost all Bitcoins purchased since then are now priced below their purchase price. In contrast to short-term holders, long-term holders continue to reduce their holdings. Glassnode data indicates that the number of Bitcoins held by long-term holders has decreased from 14,755,530 in July to 14,302,998 as of November 16, a reduction of 452,532 Bitcoins. Nicholas Gregory, a board director at Fragrant, stated, 'Many long-term holders are choosing to sell in 2025 after years of accumulation. These sales are mostly driven by lifestyle changes rather than negative sentiment toward the asset itself. The launch of U.S. ETFs and the $100,000 price target have created an extremely attractive and liquid window for selling.'