Long-term holders and miners are under remarkable pressure to surrender amid bearish cryptocurrency market sentiments and activity levels of small and large entities suggest the market has not yet formed a confident bottom and still has work to do, according to blockchain analysis firm Glassnode.

Glassnode states that the volume of supply currently at a loss has reached 44.7%, of which a majority is carried by long-term holders, however, this remains at a less severe level compared to previous bear cycles.

“Overall, the fingerprint of a widespread capitulation, and extreme financial stress is certainly in place. However, there may still be a combination of both time pain (duration), and perhaps further downside risk to fully test investor resolve, and enable the market to establish a resilient bottom,” the analysts state.

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In previous bear markets, the supply held by LTHs reached over 34%, while the proportion held by short-term holders (STHs) went below 4%. In comparison, currently, STHs still hold 16.2% of the supply at a loss.