Short-term bitcoin holders are experiencing significant losses, with 2.8 million BTC currently held at a loss, marking the highest level since the FTX collapse in November 2022. According to Glassnode data, nearly all bitcoins acquired since June 15, when the price was $104,000, are now below current market levels. In contrast, long-term holders have reduced their holdings by 452,532 BTC since July, partly due to lifestyle changes and the introduction of U.S. ETFs. Despite these shifts, U.S. spot bitcoin ETF assets under management remain near record highs, totaling 1.33 million BTC as of November 16.