Bitcoins <\/p>\n
CEX.io\u2019s Bitcoin Impact Index entered its \u201cHigh Impact\u201d range in Week 13, with a reading of 57.4, as Bitcoin<\/a> (BTC) closed Monday at US$66,567 (AU$96,522) after a seven-day decline that erased roughly six weeks of recovery.<\/p>\n The index aggregates<\/a> on-chain stress signals across holder behaviour, derivatives activity and capital flows. CEX.io defines readings between 50 and 74 as broad market stress affecting multiple investor groups and institutional flows.<\/p>\n One of the clearest stress signals came from long-term holders. Their SOPR, which measures whether coins are being sold at a profit or loss, fell to 0.724, the lowest level in three years.\u00a0<\/p>\n More than 4.6 million BTC held by long-term investors are now at unrealised losses, equal to over 30% of total long-term holder supply, the highest share since 2023. The value of those underwater positions stands at US$304 billion (AU$440.8 billion).<\/p>\n Read more: US Crypto Czar Steps Down, Transitions to Broader Advisory Role<\/a><\/strong><\/p>\n The average long-term holder cost basis remains near US$43,000 to US$44,000 (AU$62,350 to AU$63,800), below the current market price, so the cohort overall remains in profit. The coins now being sold, however, are being exited at a loss.<\/p>\n Short-term holder cost basis is near US$84,000 (AU$121,800), and on-chain data indicates about 92% of recent buyers are below breakeven.\u00a0<\/p>\n In derivatives markets, funding rates moved back toward neutral, but total liquidations still reached US$288 million (AU$417.6 million) for the week, nearly triple the previous week\u2019s figure.\u00a0<\/p>\n Long positions accounted for 61% of forced closures.<\/p>\n Stablecoin netflows shifted from an average daily inflow of US$250 million (AU$362.5 million) to an average daily outflow of US$292 million (AU$423.4 million). ETF flows also turned negative, and miners resumed selling after three weeks of holding.\u00a0<\/p>\n About 20,900 BTC per day is moving to exchanges, a relatively low figure that indicates stress without broad capitulation. CEX.io identified similar Bitcoin Impact Index readings in mid-2018, mid-2022 and late January 2026.\u00a0<\/p>\nLong-Term Holders Break<\/h2>\n