This Morning’s Liquidation Hunt: Leveraged Tourists Took 98% of the Damage While Long-Term Coins were Silent this Morning.

The chart is from my full node, showing realized PnL by UTXO age band. This morning’s liquidation cascade added up to roughly $416M in realized losses, and almost all of it came from coins held 3–12 months. In other words, this move was not long-term HODLers dumping; it was the usual crowd of recent buyers running 3–12 month coins on leverage and getting wiped out when price was pushed into low-liquidity levels. Older coins (1.5+ years, multi-year) barely moved on-chain. These “liquidation hunts” will keep happening as long as people insist on leveraging short-term positions... there’s no real structural reason for price to stay pinned down here beyond providing fresh liquidation fuel. Same story as always: HODLers sit still, and leverage tourists donate their stack.