With the recent declines in the crypto market, new Bitcoin investors have lost. Nearly 90 percent of short-term Bitcoin holders have seen negative numbers in their portfolio, according to Onchain data.
Bitcoin stabilized around $26,000 last week, showing its worst performance since November. According to the data shared by Glassnode, 88.3% of short-term investors (STH) or wallets that did not hold coins for more than 155 days suffered a loss with the decline.
Of the 2.56 million BTC ($66.5 billion) held by short-term investors, approximately 2.26 million were purchased at a higher-than-market price. Only 300,000 BTC held by STHs are currently in profit. This figure corresponds to the 11.7 percent slice. Glassnode’s analysis also noted that assets in the STH cohort are becoming more and more price sensitive.
Ilan Solot, Co-President of Marex Solutions Digital Assets, said that unrealized losses from short-term holders are currently one of the critical issues for the market. “Almost 90 percent of short-term holders suffer unrealized losses, which is often associated with selling pressure,” Solot said. Solot stressed that short-term holders are ‘under water’ in terms of both price and narrative.
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