# Bitcoin Holder Losses Hit Recent Highs as Total Nears June-July Bear-Market Bottom By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/56570 Published: 2026-11-13T11:09:09.000Z Updated: 2026-11-13T11:09:09.000Z Section: Investing > Analyst Murphy said entity-adjusted realized losses for both long- and short-term holders set recent highs on Nov. 12, with their combined total approaching levels from the June-July bear-market bottom. Bitcoin’s entity-adjusted realized losses on transfers to trading platforms hit recent highs for both long- and short-term holders Nov. 12, while their combined total neared levels from the June-July bear-market bottom, analyst Murphy said. Murphy said crypto market sentiment had returned to extreme fear. He cited a Binance shock, concerns about limits on AI infrastructure after Democrats’ midterm gains, hotter-than-expected inflation data, a sharp Nvidia decline amid a scandal and MSTR’s removal from an MSCI index. Murphy said he had underestimated the impact of collective panic and the short-selling forces behind it. He said technical supports had failed as irrational behavior dominated. He described February through November this year as a transition after a bear-market bottom structure formed, consistent with [an earlier cyclical recovery view](). Murphy said he would use incoming data to assess sentiment and look for signs of improvement and converging indicators before taking long positions on dips. ## Links in this article - [an earlier cyclical recovery view](https://www.tokenpost.com/news/insights/52375)