According to on-chain data from Glassnode, 83.7% of the Bitcoin short-term holder supply is currently in an unrealized loss. Only 16.3% of the short-term holder supply is currently in profit.
Glassnode’s “percent supply in profit” indicator looks at the percentage of the total circulating Bitcoin supply that has gained value based on the previous selling price compared to the current spot price. The counterpart indicator, “supply in loss,” tracks coins that are currently at a loss.
In the context of short-term holders (STHs) who have held their coins for less than 155 days, the percent supply in profit has seen a significant decline recently. The recent fall in Bitcoin’s price has resulted in the price dropping below the cost basis of many STHs, leading to a decrease in supply in profit.
On the other hand, long-term holders (LTHs) have seen their supply profitability increase recently, as there is a 155-day delay between the time of purchase and being counted under this supply. Overall, the data indicates the challenging situation for short-term Bitcoin holders in the current market.
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