The reason why long-term holders of Bitcoin are cutting meat is very clear: it's not a collapse of faith, it's just that they can't hold on anymore! Hey guys, let me show you some funny data and truth: LTH surrenders, highest since December 2022! According to Glassnode data, the peak realized losses for LTH (long-term holders, holding coins for ≥ 155 days) have reached $280 million per day, the highest level since the FTX crash in December 2022. The proportion of LTH losses to the total realized losses across the network has increased from 15% in February to 43%. This means that nearly half of the meat cutting behavior in the current market comes from those who were once considered the "most steadfast" long-term holders. Why are long-term holders of Bitcoin, LTH, cutting meat? 1. The price has been below the cost base for five consecutive months. Bitcoin has been trading below the LTH cost base (approximately $75500) for nearly five consecutive months. Since the historical high of $126000, over 50% of the circulating supply has been in a loss making state, with LTH controlling 78% of the supply. Their psychological defense line has been worn out and broken through. Most of these LTHs were bought at the high point of the bull market in 2025 (around 126000), experiencing nearly a year of continuous decline and long floating losses. When the price remains far below the cost line for a long time and there is no hope of a short-term reversal, even the most steadfast holders begin to waver. 3. Some whales/institutions were forced to cut meat on Bitcoin and leave. Strategy (formerly MicroStrategy) sold 3588 BTC at an average price of approximately $60200 from late June to early July, resulting in a loss of approximately $55 million, which was used to pay preferred stock dividends. This breaks its long-standing narrative of 'never selling coins' and sends a signal to the market that even the most steadfast bulls are selling at a loss. 4. Macro pressure intensifies, causing LTH's psychological defense to break through. The escalation of the US Iran conflict has driven up oil prices, with 10-year US Treasury yields returning to 4.5%. Geopolitics and inflation expectations are heating up, and the opportunity cost of holding BTC is increasing, further accelerating the surrender process of LTH. What does it mean for long-term Bitcoin holders to cut meat on the market? The surrender of LTH has often been a characteristic of late bear markets in history - when the most steadfast holders begin to cut meat, it indicates that the final selling pressure is being released. But Glassnode clearly pointed out that there has been no cooling signal for this round of surrender. Before the LTH selling pressure cools down, it is difficult to confirm a sustainable reversal. The contradiction in the current market is that LTH is selling at a loss of 280 million yuan per day, while ETFs are buying, with a net inflow of 510 million yuan for three consecutive days. Two forces are facing each other head-on near 61K. Let LTH surrender first and let 61K release the results first. Finally, long-term holders of Bitcoin cut their meat and left, dealing a heavy blow to what many retail investors and bloggers believe to be the "iron bottom" of this bear market at $60000. So is the price of $60000 the "iron bottom" of this bear market? Please refer to my in-depth analysis in the following article