When you are holding assets that have dropped significantly, that can be described as "holding heavy bags."
Tim: I bought a bunch of Losercoin last week and its already down 50%.
Bob: Those are some heavy bags you got there.
Investors left holding a cryptocurrency after its price drops significantly, goes defunct or otherwise becomes worthless.
The term is also used loosely in jest to describe anyone who has invested in a cryptocurrency project that you dislike.
Bob: Did you hear about losercoin? It dropped over 300% in one day.
Tim: Yeah, all of the bagholders on Reddit are saying to buy the dip.