Diamond hands cracking? 💎

Long-term Bitcoin holders are buckling under pressure following this month's sell-off, as a weakening accumulation trend heralds a deeper correction.

Author

Stephen Graves
February 17, 2026

📝 What you need to know

How low can Bitcoin go? On-chain data point to $54,000 as the next support level, analysts argue, as long-term holders find themselves underwater following the ongoing sell-off.

Traditionally the strongest hands in the market, long-term holders are buckling under pressure, with the 7-day exponential moving average of the Long-Term Holder Spent Output Profit Ratio (SOPR) dropping below 1—a sign that veteran investors are now realizing losses.

Meanwhile, Bitcoin treasury firm Strategy continued to scoop up BTC even as its stash sits underwater, with the company making its fourth-largest buy of the year. Across the water, its Japanese counterpart Metaplanet disclosed a full-year loss of $605 million, having yet to announce a Bitcoin purchase in 2026.

Bitcoin’s Long-Term Holders Show Signs of Strain After February Sell-Off

Bitcoin's long-term holders show weakening accumulation, with on-chain data pointing to $54,000 as the next support if $65,000 breaks.

📰 In the News

Strategy’s Bitcoin Buying Accelerates as $48 Billion BTC Stash Sits Underwater

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Metaplanet Posts $605 Million Loss After Spending Billions on Bitcoin

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ZeroLend Latest DeFi Platform to Shut Down Amid Liquidity, Revenue Pressures

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💬 Quote of the Day

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Nine months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since.

Burger chain Steak ‘n Shake claims that accepting Bitcoin payments has boosted its business

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